OKLAHOMA AFFORDABLE HOUSING ACT
The Oklahoma Affordable Housing Act was passed by the Oklahoma Legislature in 2014. This landmark legislation designates $4 Million per year in state low-income housing tax credits that mirror and pair with the federal low-income housing tax credits (LIHTC).
Affordable housing industry advocates began work in 2013 to provide Oklahomans with these financing resource. The initial bill in 2013 was SB804 which continued into 2014 under HB3099. The final version of the Oklahoma Affordable Housing Act was written by Senator A.J. Griffin in SB2128. This bill was passed by the 2nd Session of the 54th Legislature and signed by Governor Mary Fallin on June 3, 2014.
Since 2014, the Act has been amended a few times to better administer this vital funding source. Amendments include:
The Oklahoma Affordable Housing Act is subject to review every five (5) years by a committee of nine. In practice, the Act is being reviewed by the Incentive Evaluation Commission (IEC) every four (4) years. Thus far, the Oklahoma Affordable Housing Act has been reviewed twice by the IEC.
Incentive Evaluation Commission Reports
Key highlights of the Act include:
2023 Economic Impact Report
2020 Economic Impact Report
2020 Housing Matters
2019 Economic Impact Report
2019 Housing Matters
2018 Economic Impact Report