Oklahoma Affordable Housing Act Tax Credit Economic Impact Report
The Oklahoma Coalition for Affordable Housing is pleased to release the Oklahoma’s Affordable Housing Act Tax Credit – Economic Impact 2019. 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 2015-2019.
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 97 developments across Oklahoma.
This economic impact report focuses on the construction and permanent employment activities associated the construction of 47 development projects across Oklahoma. The report does not include new developments that will occur after the current 47 projects.
The construction and maintenance investments were modeled separately from regular employment operations. The 47 developments allocated between 2015-2019 occur in 32 communities and 30 counties across Oklahoma and create a direct impact of over $380 million in construction activity for the 2,534 housing units. The Oklahoma Housing Finance Agency allocated $19,106,236 in state affordable housing tax credits during this five-year period.
Affordable Housing Development Awards 2015-2019
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: