HB2040 (Nichols-D) that will increase funding for the Oklahoma Affordable Housing Act from $4M a year to $10M has been published on the Floor Agenda. It can be heard as early as tomorrow. Take action now! Please contact your State Representative and request they VOTE YES ON HB2040!

CLICK HERE to find your Representative.

HB2870 (Wallace-R) that will create several new funding sources for the production of housing – both for homeownership and rental – is scheduled to be heard on the House Floor as early as tomorrow. Please take a moment to contact your State Representative and request the VOTE YES on HB2870!

CLICK HERE to find your Representative.

Current status of measure(s) you are tracking:

HB2870		Rural housing; creating the Housing Stability Program; Homebuilder Program; Increased House Program; creating revolving funds; effective date; emergency.
3/21/2023	H	Scheduled on Floor Calendar

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Note: "S" denotes Senate chamber; "H" denotes House chamber.

For more information on Oklahoma legislation, please visit our web site at http://www.oklegislature.gov.

This week HB2089 will hit the House Floor. This bill will update the zoning and platting laws and is something the Oklahoma Home Builders Association is working to pass. Please take a moment to read this bill to determine if it impacts your business or mission. If so, please take action this week and contact your Representative.

Register now for the Annual Affordable Housing Advocacy Day at the Capitol on Monday, April 17, from 12:30 – 3:30 p.m. on the 4th Floor Rotunda.  Affordable Housing Day provides a key opportunity to meet with your state Senator and Representative directly to educate them on your efforts to provide safe affordable housing in communities across Oklahoma. 

At the March 22 Board of Trustees Meeting, OHFA staff is recommending an award of approximately $1 million in additional 9% Tax Credits to those awarded in the 2nd Funding Period of 2022. Due to this being an unforeseeable event that could adversely impact those who applied for 9% Tax Credits in the First Funding Period of 2023, OHFA Staff will recommend that all 9% Tax Credit Applicants for the First Funding Period of 2023 be funded at the May 10, 2023 Board of Trustees Meeting, resulting in approximately $5.5 million in awards.

Approximately $1.2 million of the 2023 9% Tax Credit allocation was awarded at the November 16, 2022 Board of Trustees Meeting. This, in addition to the awards that will be recommended at the Board of Trustees Meetings in March and May, represents approximately $7.7 million of OHFA’s 2023 9% Tax Credit Allocation.

At this time, OHFA does not know what the 2023 total allocation of 9% credits will be but anticipates receiving a lower amount than what was received in 2022. Therefore, because so many credits have either already been awarded or will be recommended for an award before the application deadline for the 2nd Funding Period of 2023, we thought it would be pertinent to let the development community know that there will be fewer credits available for this funding period so they can plan accordingly.

If you have any questions, please contact Darrell Beavers, Housing Development Director at 405 419-8261 or darrell.beavers@ohfa.org.

On March 9, 2023, President Biden sent his $6.9 trillion FY 2024 Budget to Capitol Hill. The President’s Budget is not binding on Congress but does indicate the Administration’s spending and revenue priorities for the year – including a commitment to address the affordable housing shortage by expanding and enhancing the Low-Income Housing Tax Credit.

Specifically, the Budget increases the annual credit dollar amounts (ACDAs) to $4.25 per capita in 2024 and to $4.88 in 2025. For 2026 and subsequent years, the ACDAs would be the amount for the prior year, indexed for inflation. The Budget also includes a key industry priority that reduces the bond financing requirement from 50 percent to 25 percent on a permanent basis. The proposal applies to buildings placed in service in taxable years beginning after December 31, 2023. The $28.2 billion LIHTC package also repeals the qualified contract provision from the date of enactment, and repeals the ROFR safe harbor provision, replacing it with an option safe harbor. The President’s Budget includes a neighborhood homes tax credit and makes permanent the New Markets Tax Credit.

The President’s blueprint calls for a number of revenue raisers, including, among others, a 25 percent minimum tax on households worth more than $100 million, an increase in the corporate tax rate from 21 percent to 28 percent, an increase in the top individual income tax rate to 39.6 percent for those making over $400,000, an increase in the stock buybacks excise tax from 1 percent to 4 percent, an increase in the capital gains rate from 20 percent to 39.6 percent for those earning at least $1 million, the elimination of the carried interest tax break, and the elimination of the like-kind exchange tax break. The Treasury Department’s so-called Green Book contains detailed descriptions of the revenue proposals in the Biden Budget, and also includes revenue estimates for the tax proposals.

On the spending side of the ledger, the Budget includes a robust affordable housing agenda to address the supply shortage. It also includes $10 billion in mandatory funding to incentivize state, local and regional jurisdictions to make progress in removing barriers to affordable housing developments, such as restrictive zoning. Other housing and community development highlights include the following:

· $51 billion in additional Low-Income Housing Tax Credits, a new Neighborhood Homes Tax Credit, and mandatory funding for new project-based rental assistance contracts.

· $7.5 billion for Project-Based Rental Assistance funding.

· $3.2 billion for Public Housing Fund modernization, $300 million to improve the energy efficiency, climate resilience, and physical condition of the Public Housing stock, and $7.5 billion in mandatory funding for comprehensive modernization of targeted Public Housing communities.

· $3.4 billion for the Community Development Block Grant Program (CDGB).

· $1.8 billion for the HOME Investment Partnerships Program (a $300 million increase from 2023).

· $100 million for a HOME down payment assistance pilot for first-generation and/or low wealth first-time homebuyers.

· $32.7 billion for the Housing Choice Voucher Program (a $2.4 billion increase from 2023).

· $10 million for the Eviction Protection Grant program.

· $3.7 billion to prevent and reduce homelessness with Homeless Assistance Grants (a $116 million increase from 2023).

· $258 million to support 2,200 units of permanently affordable housing for the elderly and persons with disabilities.

· $505 million for Housing Opportunities for Persons with AIDS.

· $1 billion for Native American Programs to expand affordable housing, improve housing conditions and infrastructure, and increase economic opportunities for low-income families.

· $410 million for states, local governments, and nonprofits to reduce lead-based paint and other health hazards in the homes of low-income families, $25 million for the Office of Lead Hazard Control and Healthy Homes, and $60 million to prevent and mitigate housing-related health hazards in HUD-assisted housing.

· $150 million for activities that advance resilience and energy efficiency in housing-related projects.

· $90 million for state and local fair housing enforcement organizations and to further education, outreach, and training on rights and responsibilities under federal fair housing laws.

For next steps, the House Budget Committee is expected to hold hearings and begin work on its own budget. Other committees will hold hearings on programs under their jurisdiction. On March 10th, Treasury Secretary Janet Yellen will testify before the House Ways and Means Committee.

Register now for the Annual Affordable Housing Advocacy Day at the Capitol on Monday, April 17, from 12:30 – 3:30 p.m. on the 4th Floor Rotunda.  Affordable Housing Day provides a key opportunity to meet with your state Senator and Representative directly to educate them on your efforts to provide safe affordable housing in communities across Oklahoma. 

Register now for the Annual Affordable Housing Advocacy Day at the Capitol on Monday, April 17, from 12:30 – 3:30 p.m. on the 4th Floor Rotunda.  Affordable Housing Day provides a key opportunity to meet with your state Senator and Representative directly to educate them on your efforts to provide safe affordable housing in communities across Oklahoma. 

The annual Affordable Housing Day at the Capitol is scheduled for Monday, April 17. Mark your calendar now! This year, Coalition staff will set up meetings with legislators for Coalition Members who register to attend. Event registration will open on Friday, February 24.