Oklahoma Housing Finance Agency’s Board of Trustees allocated federal and state Low Income Housing Tax Credits at its May meeting and approved staff to implement a HOME Tenant-Based Rental Assistance program.
HOME- Approved the Staff of OHFA to develop and implement a Tenant-Based Rental Assistance (TBRA) Program utilizing the balance of 2019 HOME funds in an amount not to exceed $1,461,470 and any future funds specifically designated for HOME TBRA to assist individuals with short-term housing needs caused by COVID-19.
9% Federal Low Income Tax Credits and State Housing Tax Credits- Trustees allocated $4.45 million in 9% Low Income Tax Credits and $1.9 million in state housing credits to the following developments:
- Meadows Point Apartments, Enid – $392,000 in both state and federal credits for the acquisition/rehab of a 99-unit development for elderly residents
- Bradford Place Apartments, Oklahoma City – $480,000 in both state and federal credits for the construction of a 72-unit family development
- Southern Commons, Oklahoma City – $647,000 in both state and federal credits for the construction of a 97-unit development for elderly residents
- Township 21, Owasso – $416,989 in both state and federal credits for the construction of a 56-unit development for families
9% Federal Low Income Tax Credits
- River West Phase II, Tulsa – $1 million in federal credits for a 72-unit new construction family development
- Saddle Ridge, Guymon – $690,000 in federal credits for the construction of 40 single family rental homes
- Briarcliff Apartments, Idabel – $750,000 in federal credits for the acquisition/rehabilitation of an 80-unit family development
- Eagle Crest Apartments, Cushing – $420,000 in federal credits for the acquisition/rehabilitation of a 56-unit family development
- GardenWalk of Westville, Westville –$350,000 in federal credits for the acquisition/rehabilitation of a 36-unit family development
4% Federal Low Income Tax Credits / State Tax Credits / Multi-Family Bonds
Chisholm Springs was allocated $2 million in federal 4% tax credits, $2 million in state tax credits and $50 million in tax exempt bonds for the construction of 301 single family rental homes in the cities of Oklahoma City, Spencer, and Miami.
4% Federal Low Income Tax Credits / Multi-Family Bonds-Trustees allocated $885,000 in 4% Federal Low Income Tax Credits to the Oklahoma Central Region Portfolio to be financed through Multi-Family Bonds. Properties in the acquisition/rehabilitation portfolio include:
- Blanchard Village, Blanchard – eight-units
- Bristow Place Apartments, Bristow – 28 units
- Davis Village Apartments, Davis – 44 units
- Drumright Village and Drumright Place (consolidated), Drumright – 40 units
- Grove Village Apartments, Grove – 40 units
- Morrison Village Apartments, Morrison – 12 units
- Okemah Village, Okemah – 28 units
- Park 28 Apartments, Adair – 11 units
- Red Rock Village Apartments, Locust Grove – 13 unit
- Town Oak XIV Apartments, Stratford – 22 units
- Wynnewood Village Apartments, Wynnewood – 15 units
Two other developments received awards that combine tax credits with multi-family bonds.
- Pelican Hill Apartments, Oklahoma City received $425,000 in federal 4% tax credits and $12 million in tax-exempt bonds. The development will consist of 66 newly constructed units and 47 rehabilitated units for families.
- The Villages at A New Leaf, A Path to Independence, Owasso, received $325,000 in federal 4% tax credits and $7 million in tax-exempt bonds to construct 62 rental units designed for individuals who are developmentally challenged.