The 2021 Oklahoma Affordable Housing Act Tax Credit Economic Impact Report is AVAILABLE NOW! Every year the Coalition retains the services of the Oklahoma Department of Commerce: Research and Economic Analysis Division to conduct an assessment on the economic impact of the Oklahoma Affordable Housing Act between 2015-2021. Thank you to the following sponsors for helping make this report possible: Midwest Housing Equity Group, Express Development, Green Development, LW Development, JLL Valuation, Trinity Development & Excel Development Group.
Between 2015-2021, the Oklahoma Housing Finance Agency allocated $27,855,620 in state affordable housing tax credits to provide financing for 57 developments across 30 counties.
Using the IMPLAN model, the Oklahoma Department of Commerce found that these 57 developments create a direct impact of over $590 million in construction activity and is estimated to create over $1.67 billion in economic activity between 2017 and 2022.
During the period of construction, over 7,600 jobs are impacted. Permanent employment for the 2015-2021 allocation is estimated at 184 jobs which directly generate over $5.5 million in labor income. These jobs directly generate almost $53 million in economic activity for the state. An additional 183 jobs are supported through induced impact spending by employees in the local market and indirect impacts from spending by leasing companies with local businesses. The employee spending and indirect effects contribute over $78 million in economic activity annually.
The overall economic impact of the Oklahoma Affordable Housing Act, as allocated between 2015-2021 exceeds an estimated $1.67 billion and will revert to over $78 million annually from ongoing operations.
The Oklahoma Affordable Housing Act is a proven tool in assisting in the development and preservation of housing for our seniors and families. The economic impact report does not consider the additional social and economic benefits of the housing produced such as better school attendance and higher graduation rates, reduced Medicare spending or reduction in homelessness.
This report has a long shelf-life of a year and is utilized for the Coalition’s advocacy efforts, distributed to Oklahoma Legislators and more. For more information and to review sponsorship opportunities, click here!
Special thanks to our sponsoring members for making this study possible: