OKLAHOMA CITY – At its November meeting, Oklahoma Housing Finance Agency’s Board of Trustees approved federal and state reservations of Affordable Housing Tax Credits to build or rehabilitate affordable housing in Oklahoma.
The following developers received tax credits. The amount listed is received each year for the first 10 years of a project’s operating period. For example, a $500,000 reservation results in a total tax credit award of $5 million.
- $326,669 reserved for Downtown Housing Affordable, LP for the acquisition and rehabilitation of 43 apartments to be known as The Towers Apartments in Altus. This development also received $326,669 in state tax credits.
- $650,000 reserved for Columbia Crossing, LLC for the construction and rehabilitation of 44 multi-family units to be known as Columbia Crossing in Ardmore.
- $432,000 reserved for Hadlee Manor Apartments, LP for the construction of 48 multi-family units to be known as Hadlee Manor in Bixby.
- $379,070 reserved for Chandler Terrace, LP for the construction and rehabilitation of 60 multi-family units to be known as Chandler Terrace.
- $99,890 reserved for Washita Plains, LLC for the constructions of 10 single-family homes to be known as Washita Plains in Davis. This development also received $99,890 in state tax credits.
- $693,837 reserved for Intrada El Reno, LP for the acquisition and rehabilitation of 56 apartments to be known as Intrada El Reno.
- $470,000 reserved for Ridgeview Heights Apartments, LP for the construction of 23 duplexes (46 units) to be known as Ridgeview Heights in El Reno.
- $205,032 reserved for Autumn Trace VOA Affordable Housing, LLC for the acquisition and rehabilitation of 30 multi-family units to be known as Autumn Trace Apartments in Kingfisher.
- $472,098 reserved for Ponca City Housing Associates, LP for the construction and rehabilitation of 48 apartments to be known as Community Place Apartments in Ponca City. This development also received $472,098 in state tax credits.
- $153,750 reserved for Prague Terrace, LP for the construction and rehabilitation of 24 multi-family units to be known as Prague Terrace.
- $374,000 reserved for Villa Lofts of Vinita, LP for the construction and rehabilitation of 39 apartments to be known as Villa Lofts of Vinita. This development also received $374,000 in state tax credits.
- $388,878 reserved for Wewoka Affordable Housing Partners, LP for the construction and rehabilitation of 16 duplexes (32 units) to be known as Wewoka Lofts. This development also received $388,878 in state tax credits.
Projects are structured so that the sale of a project’s housing tax credits and other tax benefits provides a source of capital for the development of affordable rental housing. This equity investment reduces financing costs, thereby reducing operating expenses, which is passed along in the form of reduced rents. To qualify for tax credits, a project must both restrict rents on its rental units and rent to tenants whose incomes do not exceed income limits.
The AHTC program requires a 15-year tax credit compliance period. In addition, the project must enter into an agreement for an extended low-income housing commitment that continues at least 15 years after the end of the compliance period.
HOME funds may be used to provide development costs for the new construction or acquisition and rehabilitation of affordable housing; to provide assistance for home purchase; or to assist low income renters.
Oklahoma Housing Finance Agency celebrates its 40th year as Oklahoma’s largest provider of affordable housing. OHFA offers nine housing programs ranging from “OHFA Advantage” for home ownership to housing development and rental assistance. For more information about OHFA and its programs and services, visit www.ohfa.org.
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