Oklahoma Housing Finance Agency Awards Federal and State Affordable Housing Tax Credits

During its May 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.

· $255,000 reserved for Parkridge Estates Altus, LLC for the acquisition and rehabilitation of 60 apartments to be known as Parkridge Estates Apartments in Altus. This development also received $255,000 in state tax credits.

· $152,700 reserved for Serenity Park II, LLC for the construction of 12 multi-family units to be known as Serenity Park II in Ardmore. This development also received $152,700 in state tax credits.

· $650,000 reserved for Shady Acres, LLC for the construction of 86 multi-family units to be known as Shady Acres in Ardmore. This development also received $650,000 in state tax credits.

· $515,000 reserved for Harrison Court, LP for the construction, acquisition and rehabilitation of 36 multi-family units to be known as Harrison Court in Enid.

· $327,642 reserved for Prairie Flats, LLC for the construction of 36 multi-family units to be known as Prairie Flats in Enid. This development also received $327,642 in state tax credits.

· $517,368 reserved for Rural Housing of Fort Gibson, LP for the acquisition and rehabilitation of 91 multi-family units to be known as GardenWalk of Fort Gibson.

· $217,386 reserved for Rural Housing of Jones, LP for the acquisition and rehabilitation of 32 multi-family units to be known as GardenWalk of Jones.

· $583,501 reserved for Oklahoma City Senior Housing, LP for the construction of 87 apartments to be known as Surrey Hills Estates in Oklahoma City. This development also received $583,501 in state tax credits.

· $510,408 reserved for Mockingbird Estates, LP for the construction of 72 apartments to be known as Mockingbird Estates in Stillwater. This development also received $510,408 in state tax credits.

· $380,353 reserved for Pecan Creek – GMC, LP for the acquisition and rehabilitation of 49 multi-family units to be known as Pecan Creek Apartments in Tulsa.

· $535,367 reserved for Woodward Senior Housing, LP for the construction of 48 multi-family units to be known as Woodland Estates in Woodward.

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.

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