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, is the administrator of the Oklahoma Housing Stability Program and will be providing three input sessions. Please register in advance to ensure meeting reservations meet attendance needs.

July 10 at 1:00 p.m. | Metro Tech Springlake Campus, OKC
Register for Oklahoma City Input Session

July 11 at 1:00 p.m. | OSU-Tulsa
Register for Tulsa Input Session

July 12  at 1:00 p.m. | Virtual Zoom Meeting
Register for Zoom Meeting

More information can be found at: Public Input Requested: Housing Stability Program - Oklahoma Housing Finance Agency (ohfa.org)

Last month, HUD allocated $382 million to states from the national Housing Trust Fund (HTF), which provides a source of capital funding to increase and preserve the supply of housing for people with the lowest incomes, including those experiencing homelessness. Funding for HTF comes from a modest contribution of new business income from the Government Sponsored Enterprises (GSEs), Fannie Mae and Freddie Mac, rather than federal appropriations. Unfortunately, but as expected, the GSEs’ new business over the last year was substantially lower than it had been in the past, resulting in a cut of approximately 50 percent compared with 2022 HTF allocations.

Thirty-nine state HFAs, as well as Puerto Rico and the Virgin Islands administer HTF, as do the District of Columbia, Guam, and Northern Mariana Islands.

Click here to view the state-by-state 2023 HTF allocations.

Congressmen Mike Kelly (R-PA) and Brian Higgins (D-NY) today introduced the Neighborhood Homes Investment Act (H.R. 3940). The legislation, one of NCSHA’s top priorities, seeks to increase the supply of affordable for-sale housing through a new tax credit. Senators Ben Cardin (D-MD) and Todd Young (R-IN) introduced similar legislation (S. 657) in March.

The bill establishes the Neighborhood Homes Credit (NHC) to promote new construction or substantial rehabilitation of affordable, owner‐occupied housing located in distressed neighborhoods. Modeled after the Housing Credit, the NHC would allow project sponsors to claim a credit to cover the difference between the costs to rehabilitate a home in a distressed neighborhood, or build a new home on an empty lot, and the price for which the home is sold. The maximum credit amount would be the lesser of the excess of development costs over the sales price, 35 percent of development costs, or 28 percent of the national median price for new homes.

As with the Housing Credit, the program would be overseen by the Treasury Department and Internal Revenue Service, which would allocate credit authority to each state. Each state would be required to designate a single agency to award the credits, and each agency would be expected to develop a Qualified Allocation Plan for their NHC program.

Each state’s NHC allocation would be equal to its state population times $7, with a small-state minimum of $9 million. States would be allowed to carry forward unused credits for three additional years.

In addition to Kelly and Higgins, the legislation is cosponsored by Reps. Claudia Tenney (R-NY), Dale Kildee (D-MI), Randy Feenstra (R-IA), and Dwight Evans (D-PA). All cosponsors are members of the House Ways and Means Committee, which has jurisdiction over all tax legislation.

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!