1. Oklahoma Housing Finance Agency
Affordable Housing Programs

2. Affordable Housing Programs
Affordable housing programs have one fundamental function – to cover the difference between the cost of developing, owning and operating the housing and the amount low or moderate income households can afford to pay.
Over time, a number of mechanisms have been used to close the gap. Some reduce the cost of production and some the cost of financing. Others are designed to supplement a household’s ability to pay for the housing.

3. What OHFA Does
The Oklahoma Housing Finance Agency (OHFA) is a nonprofit public trust that provides affordable housing financing resources and guidance to developers/builders and homebuyers/renters.
OHFA does not build, own or manage affordable housing; we finance it.

4. Resources
Our resources are primarily federal funds where we have been designated administrator of those monies by the federal government.
Developers/Builders
Affordable Housing Tax Credits
Tax Exempt Bonds and 4% Tax Credits
HOME Investment Partnerships Program
Oklahoma Housing Trust Fund
National Housing Trust Fund
Homebuyers/Renters
Single Family Mortgage and Down Payment funds
Section 8 Rental Assistance

5. Affordable Housing Tax Credits
Federal Ten Year Tax Credits for profit and not for profit developers to create affordable rental housing (not for homeownership)
Families at 60% AMI or below
Restricted rents based on bedroom size
Can be used for new construction or rehabilitation, single-family or multifamily
Units must remain affordable for 30 years plus
Equity, not debt
An IRS Program, not a HUD Program

6. Tax Exempt Bonds/4% Tax Credits
At least 50% of the development must be financed with tax-exempt bonds, subject to the private activity bond cap
OHFA must be the issuer and applicants must use the OHFA-selected team of bond professionals. Any substitution must be approved by OHFA, and the fees cannot exceed those of OHFA’s professionals.
Two stage application process:
-Inducement
-Final

7. Oklahoma Housing Trust Fund
Can be used for:
New construction rental or homeownership units
Acquisition/rehabilitation or conversion
Housing infrastructure
For profit and non-profit entities
Almost $5 million in program funds
Up to 65% may go to rural areas and no less than 35% to Oklahoma and Tulsa Counties
No loan limit – only limited by how much is available at the time
100% LTV
Non-recourse

8. Oklahoma Housing Trust Fund (cont.)
24 month construction loans
2% interest rate
Must meet income requirements / 80%-120% AMI
Three year period of affordability
$500 non-refundable application fee

9. National Housing Trust Fund (new)
Can be used for:
New construction of rental units
Acquisition/Rehabilitation of rental units
Operating reserves up to $350,000
Must serve Extremely Low-Income families at 30% of AMI or less
No interest, forgivable loans
$3 million annually in program funding

10. Contact OHFA for more information or if you have questions.
Darrell Beavers, Housing Development Team Leader or
Darcy Green, Housing Development Team Program Supervisor or

11. New Page
-Oklahoma City
-128 units (68 in new-60 in historic building)
-2 Buildings, 1 historic
rehabilitation – 1 new construction
$1,500,000 in LIHTC + $21,000,000 MF Bonds
$32,000,000 total Development costs
9,778,538 LIHTC equity
3,578,016 Federal Historic Credits equity
3,439,215 State Historic Credits equity
5,650,000 TIF from Oklahoma City Redevelopment Authority
7,350,000 Freddie Mac TEL Loan-MF Bond amount to be permanent
2,204,231 Deferred Developer fee