Oklahoma Housing Finance Agency’s Board of Trustees approved the opening of the Workforce Housing Pilot Program (WHPP) during its May meeting. They also allocated state and federal Affordable Housing Tax Credits.
Workforce Housing Pilot Program
Designed as a way to offer additional affordable housing options for residents in Oklahoma and Tulsa Counties, OHFA’s new Workforce Housing Pilot Program is now accepting financing applications. Workforce housing benefits residents making between 60 and 120 percent of the Area Median Income.
Eligible applicants include municipalities, nonprofit organizations, for-profit developers and Native American tribes. Eligible activities include new construction of rental or homeownership units; conversion of commercial building into rental or homeownership housing; and acquisition and rehabilitation of residential housing.
Up to $4 million each will be available in Oklahoma and Tulsa Counties, with only one application of at least $2 million funded in each county. Preference will be given to applications located within the Central Business Districts of Oklahoma City and Tulsa.
An application, due July 20, can be downloaded from the OHFA website, www.ohfa.org.
Affordable Housing 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.
· Commons on Willow, LP of Oklahoma received $427,500 in both state and federal credits for the construction of 60 apartments to be known as The Commons on Willow in Enid.
· Eagle Flats, LLC received $276,085 in both state and federal credits for the construction of 35 apartments to be known as Eagle Flats in Elk City.
· Magnolia Ridge, LLC received $258,496 in both federal and state credits for the 23-unit property called Magnolia Ridge in Stillwater.
· Park Avenue Estates, L.P. received $574,900 in state and federal credits for the construction of 92 single-family homes for rent known as Park Avenue Estates in Yukon.
· Tennyson Manor Apartments, LP received $445,853 in state and federal credits for the construction of the 54-unit Tennyson Manor in Enid.
· West Park Phase II, Limited Partnership received $750,000 in federal credits for the new construction of 77 apartments in Tulsa called West Park Phase II.
· Village on Green, LP received $519,000 in federal credits for the construction of The Village on the Green, a 48-unit property in Purcell.
· Ashton on the Green, LP received $650,000 in federal credits for the acquisition and rehabilitation of the 100-unit development in El Reno called Ashton on the Green.
· Eagle’s Landing OK TC, LP. received $650,000 in federal credits to acquire and rehabilitate Eagle’s Landing, an 88-unit development formerly known as Elm Terrace in Duncan.
· Rural Housing of Checotah, LP received $370,000 in federal credits to acquire and rehabilitate the 47-unit Garden Walk of Checotah.
4 Percent /Multi-Family Bonds
OHFA’s non-competitive 4 percent tax credits combined with multi-family bonds provides developers with both equity and low interest rate debt financing. OHFA’s trustees approved the following reservations and allocations. These developments will be financed through the issuance of Revenue Bonds by OHFA.
· Cornerstone-Yukon Partners, LP received $654,795 for a 99-unit development in Yukon.
· Stillwater Springs, LLC received $732,426 for a 120-unit development in Stillwater.