|Oklahoma Housing Finance Agency offers developers a new financing tool for creating affordable rental housing. OHFA’s non-competitive four percent tax credits combined with multi-family bonds provides developers with both equity and low interest rate debt financing.
Developers are invited to attend a free seminar Oct. 11 from 9 a.m. to 11 a.m. to receive an in-depth look at the benefits of utilizing four percent tax credits and multi-family bonds for the development of multi-family affordable housing. The seminar will take place inside OHFA’s Will Rogers Conference Room located at 100 N.W. 63rd St. in Oklahoma City and will feature bond attorney Sujyot Patel with Dinsmore Shohl, investment banker Don Peterson with Raymond James, and OHFA staff.
“As high demand for rental housing continues and developers seek ways to finance rental properties, the real estate community should know Oklahoma Housing Finance Agency has financial resources to invest,” said OHFA Executive Director Dennis Shockley.
The combination of funds is currently being used to finance the renovation of the former Page Woodson School, 600 N. High Ave., Oklahoma City, into 68 apartments. The development, now known as New Page, received a maximum of $1.5 million in four percent Affordable Housing Tax Credits and a maximum of $25 million in tax-exempt multi-family bonds from OHFA in 2015. The tax credit amount is received each year for the first 10 years of a project’s operating period for a total tax credit award of $15 million.
There are nine other developments utilizing four percent tax credits and multi-family bonds that are either completed or under construction. Some of them are located in Tulsa, Enid, Lawton, Shawnee and Perry.
“Developers can obtain four percent tax credits for their project without having to compete against other developers,” Shockley said. “Millions of dollars in four percent tax credits and multi-family bonds are readily available. Compare that to the competitive nine percent tax credits, where demand is five times the current amount OHFA can award.”
With OHFA, developers have a one-stop shop since OHFA serves as both the bond and tax credit issuer.
Seating for the seminar is limited and preregistration is encouraged by emailing jody.glaze or by calling (405) 419-8133.
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