Thanks to all of our members this session who worked on the various version of funding for new development for our state.

For those on vacation that missed the excitement, HB2870 did not make it across the finish line before deadlines and Wallace reintroduced the measure as HB1031X. HB1031X became law on 6/2/2023 without the Governor’s signature.

HB1031X will become effective July 1, 2023. OHFA has prepared a White Paper on the Oklahoma Housing Stability Program and released additional program details that will serve as the basis for the Program Rules and Application. CLICK HERE to access the White Paper.

In a nutshell, the Oklahoma Legislature has provided $215 million in funding for the Oklahoma Housing Stability Program to be administered by the Oklahoma Housing Finance Agency (OHFA). This funding will increase the number of single family residences available for purchase for households with incomes up to 120% AMI, provide gap financing to aid and incentivize the production of rental housing and remove barriers to homeownership by providing down payment and closing cost assistance.

Allocation Breakdown:

• $81,700,000 40% Homebuilder Subsidy for Homeownership
• $81,700,000 40% Developer Subsidy for Rental Housing
• $40,850,000 20% Consumer Down Payment and Closing Cost Assistance
• $10,750,000 5% Administration, Compliance Marketing

Please post your comments to the White Paper on the online discussion board.

OHFA will host three public hearings related to the Oklahoma Housing Stability Program to be held on July 10th in Oklahoma City, July 11th in Tulsa and July 12th virtual. Draft emergency rules will be published on or before June 29, 2023.

Thank you again to our dedicated membership for your perseverance and determination in working with your legislators to secure this historic investment for the future of Oklahoma’s housing.

Great work!