CALL YOUR STATE REPRESENTATIVE BY NOON TODAY TO SUPPORT HB1411-NICHOLS!
The Oklahoma House of Representatives will reconvene Monday, March 11 at 1:30pm. HB1411-Nichols may be heard at any time. Please contact your State Representatives ASAP and request that they VOTE YES ON HB1411! For a list of phone numbers or to email your Representative, CLICK HERE.
The Oklahoma Coalition for Affordable Housing is pleased to release the Oklahoma’s Affordable Housing Act Tax Credit – Economic Impact 9-2018. The Coalition retained 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 2015-2018.
The Oklahoma Department of Commerce looked at this snapshot in time coupled with the IMPLAN software (an input/output model that helps institutions understand the linkages between industries in the local economy and how policy or changes can influence economic activity).
This economic impact report focuses on construction and permanent employment activities associated with the construction of 36 developments across Oklahoma.
Between 2015-2018, the Oklahoma Affordable Housing Act allocated $15,332,125 in state affordable housing tax credits which provided funding for:
- 36 Developments in 28 communities
- Created a direct impact of over $306M in construction activity
- Close to 3,900 jobs during peak construction
- Close to $200M in payroll during peak construction
- Created 99 permanent FTE jobs
- An additional 101 FTE jobs for induced and indirect jobs
- $3M in annual labor income
- $7.3M total impact on labor income from regular operations
- $28M of economic activity annually
- $42M in economic activity including indirect effects
The overall economic contribution from developers and leasing companies if over $575 million.
When paired with 4% Bond Transactions in 2017-2018, Oklahoma received an extra $34M in federal funding dollars which helped produce an extra 571 housing units.
For more information on the Oklahoma Affordable Housing Act or to view the 2018 Economic Impact Report conducted by the Oklahoma Department of Commerce, CLICK HERE.
PLEASE EMAIL OR CALL YOUR STATE REPRESENTATIVE BY NOON ON MONDAY, MARCH 11! REQUEST THEY VOTE YES ON HB1411!