HB 1031, also known as the Oklahoma Housing Stability Program, became law June 2, with an effective date of July 1. The program provides $215 million for the new construction of single family homes, multifamily rental housing, and homebuyer down payment and closing cost assistance in rural and urban Oklahoma communities. 

Oklahoma Housing Finance Agency, as the administrator of the Oklahoma Housing Stability Program, is soliciting public comment on the program’s draft white paper utilizing this discussion board. 

Draft emergency rules will be published on OHFA’s website no later than June 30 and public hearings on the rules will be held on the following dates. Registration information will be sent soon.

July 10 at 1:00 p.m.
Metro Tech Springlake Campus
1900 Springlake Dr.
Oklahoma City, OK 73111 

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!

On May 31, the ACTION Campaign sent a letter signed by over 2,600 organizations, businesses and public entities urging Congress to support the recently reintroduced bipartisan Affordable Housing Credit Improvement Act (AHCIA). ACTION, co-chaired by Enterprise and the National Council of State Housing Agencies, is the largest and most diverse coalition of affordable housing stakeholders advocating to strengthen and expand the Low-Income Housing Tax Credit (Housing Credit). 

The letter notes that the AHCIA’s main production provisions would finance nearly 2 million additional affordable rental homes over ten years. In addition to calling for Members of Congress to support the legislation through cosponsorship, the signatories also encourage them to include those provisions to expand and strengthen the Housing Credit in any tax legislation that moves forward. At the time of this publication, the House bill, H.R.3238, has 102 total cosponsors including the bill sponsor (51 Democrats, 51 Republicans), with supporters making up 72 percent of the Ways and Means Committee. The Senate bill, S.1557, has 16 total cosponsors including the bill sponsor (8 Republicans, 7 Democrats, 1 Independent), with those supporters representing 37 Percent of the Finance Committee. 

More information on the AHCIA and the letter can be read in an ACTION blog post.

OCAH is hosting a Fall Training & Networking Event in conjunction with our Annual Meeting & Lunch. Attendees will have an opportunity to attend educational sessions pertinent to the affordable housing industry. Give us your feedback on when the training should be scheduled and on the session topics that are of interest to you.

Click here for Survey

After weeks of negotiations between Congressional Leadership and the White House, legislation to prevent a government default was signed into law by President Biden on June 4. This debt limit bill, the Fiscal Responsibility Act of 2023 (H.R.3746), establishes budget caps on discretionary spending for Fiscal Year (FY) 24 and FY 25, claws back funding from COVID-19 relief bills and the Inflation Reduction Act (IRA), and suspends the debt limit until January 1, 2025, among many other provisions.

For FY 24, the total spending is set to $1.59 trillion with $886 billion for Defense spending and $703 billion for the non-discretionary spending programs. FY 25 spending levels will be capped at a 1 percent increase above FY 24 levels, $895 billion for defense and $710 billion for nondefense. The bill rescinds $28 billion from unobligated funds from prior COVID-19 relief bills and $21.4 billion from the IRA. Programs such as the Emergency Rental Assistance, Emergency Housing Vouchers, Indian Health Service, and State and Local Recovery Funds were protected from the bill according to a document shared by the Administration. HUD’s Green and Resilient Retrofit program and the Department of Energy’s rebate programs also remained untouched, as was the Environmental Protection Agency’s Greenhouse Gas Reduction Fund.

Thanks to everyone's hard work and our state Senators, this bill has passed the Senate 25-18 with an emergency clause.

Please call or email Governor Stitt and request his support!

Thanks Coalition Members!

The Senate did not convene in special session yesterday but is scheduled to do so this morning.

Please call your state Senators and the Governor TODAY and request their support of HB1031 to increase housing opportunities in Oklahoma!

HB1031X-Wallace should hit the House Floor soon. CLICK HERE to watch the live session.

If you have not already done so, please contact your Senator and the Governor’s Office and request they all support housing for Oklahomans!

CLICK HERE and scroll to the bottom right to find your Senator. CLICK HERE to contact Governor Stitt’s office requesting support.

Please call and email as soon as possible.

Workforce and affordable housing is a critical component for economic development and business expansion. Increasing the housing supply assists new and expanding companies throughout the state looking to increase their workforce and production. With tornadoes, wildfires and other natural disasters working against our housing stock, we need to be strategic about creating new housing opportunities for all Oklahomans.

Please use the following hashtags in any social media posts: #VoteYesHB1031 #HousingMatters and tag the Coalition with @okcoalition

Thank you for your support!

HB1031X-Wallace that is the new bill to provide funding for housing in Oklahoma passed the Joint Committee on Appropriations and Budget yesterday. This bill will now need to be passed by both the Housing and the Senate. There is an Emergency Clause included and the bill will be effective July 1, 2023. Currently, $215M is budgeted for these new programs.

Please contact your Representative, your Senator and the Governor’s Office and request they all support housing for Oklahomans!

CLICK HERE and scroll to the bottom right to find your LEGISLATOR. CLICK HERE to contact Governor Stitt’s office requesting support.

The Special Session must end on Friday, May 26, 2023 so everything will be moving fast. Please call and email as soon as possible.

Workforce and affordable housing is a critical component for economic development and business expansion. Increasing the housing supply assists new and expanding companies throughout the state looking to increase their workforce and production. With tornadoes, wildfires and other natural disasters working against our housing stock, we need to be strategic about creating new housing opportunities for all Oklahomans.

If you need data points for your comments, please note the following:

• Oklahoma has a shortage of 81,638 rental homes
• Oklahoma’s 2 Bedroom Housing Wage is $16.61 per hour
• Oklahoma Housing Cost Burden by Group

Please use the following hashtags in any social media posts: #VoteYesHB1031 #HousingMatters and tage the Coalition with @okcoalition

Thank you for your support!

HB2070-Wallace that was a Support bill for the Coalition is now HB1031X. This bill does have an emergency clause, and if passed, will become effective July 1, 2023. This legislation will create the Oklahoma Housing Stability Program, the Homebuilder Program, the Homebuilder Revolving Fund, the Oklahoma Increased Housing Program the Oklahoma Increased Housing Revolving Fund and provide for adminstration of programs by the Oklahoma Housing Finance Agency. We are hearing about $260M will be allocated to this

Stay tuned for updates!