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 is over $575 million.
Please contact the Oklahoma Housing Finance Agency (OHFA) if you have a housing development negatively affected by the latest rounds of tornadoes and storm. The OHFA Board of Trustees established an emergency housing fund in 2017 to provide $1500 to each family displaced by an Oklahoma disaster. The program eligibility requirements include that the President has issued a federal declaration OR the Governor has declared a state of emergency for the impacted area. Click Here for the Richard S. Lillard Emergency Housing Assistance Fund Rules.