Oklahoma Approves Funding for Affordable Housing Expansion

The effort to expand affordable housing across Oklahoma is picking up momentum. The Oklahoma Housing Finance Agency (OHFA) Board of Trustees has approved a new round of funding that will help build or rehabilitate hundreds of homes throughout the state. The board’s decisions, made during its November 19 meeting, will support low-income renters, first-time homebuyers, and new single-family construction in fast-growing communities.

The latest awards span three major programs: the Affordable Housing Tax Credit initiative, the HOME Investment Partnerships Program, and the Oklahoma Housing Stability Program. Together, these funding mechanisms provide a mix of tax credits, grants, and zero-interest construction loans designed to ease housing shortages while boosting community development.

Affordable Housing Tax Credits

The board approved both 9% and 4% tax credits during OHFA’s final funding cycle for 2025. These credits support the development of new rental housing as well as the rehabilitation of existing multifamily units, including projects for seniors and rural residents.

9% awards include:

• The Dominion on Reno Ave., West Oklahoma City: 27 units
• Marietta Highland Trails II, Marietta: 28 units
• Villas at Lions Court II, Blanchard: 28 units
• Parkland Townhomes, Prague: rehabilitation of 32 elderly units
• Savannah Park of Tahlequah, Tahlequah: rehabilitation and acquisition of 77 units
• West Oak Village, Bethany: 43 units
• West Oak Village, Skiatook: rehabilitation of 40 elderly units
• Chickasha Flats, Chickasha: acquisition and rehabilitation of 48 senior units
• Gardenia Apartments, Phase I, Edmond: 45 units
• The Summit at 36N, Tulsa: 46 units
• Skiatook Flats, Phase II, Skiatook: 40 units
• Eastbrook Apartments, Cushing: rehabilitation of 30 units

4% awards include:

• The Summit at 36N, Tulsa: 46-unit construction
• Brookhaven Plaza, Bartlesville & Park Place Apartments, McAlester: rehabilitation of 240 units
• The Scott, Oklahoma City: 284-unit construction project

These tax credit approvals will help preserve aging housing stock in smaller communities and expand urban housing options in areas facing rapid population growth.

HOME Investment Partnerships Program

Grants were also awarded to support low-income residents and local housing groups. Funding goes to nonprofits, local governments, housing authorities, and private developers building affordable homes or assisting homebuyers.

HOME grants include:

• Building New Foundations, Inc.: three single-family rentals in Canadian County
• Housing for Communities, Inc.: three homes for purchase in Logan County

Additional operating awards were issued to housing groups working in Jackson, Pottawatomie, Oklahoma, Canadian, and Logan counties. In Oklahoma City and Canadian County, the Community Action Agency will use its grant to provide down payment assistance to 12 homebuyers, helping offset rising costs in the metro.

Oklahoma Housing Stability Program

The state is also using zero-percent construction loans to spur new development.

Single-family loans approved:

• Chess Development, LLC: 23 homes in Guthrie
• Summit Residential Builders, LLC: seven homes in Oklahoma City’s Echelon Estates
  Homebuyers purchasing these homes may qualify for an additional 5% down payment assistance.

Multifamily construction loans approved:

• Development of NE Oklahoma II, LLC: 25 units in Sallisaw
• Development of NE Oklahoma III, LLC: 25 units in Sallisaw
• Helm Rental Properties: 16 units in Stilwell

Together, these loans are expected to accelerate development in rural areas where housing shortages have intensified, especially for working families and seniors.

The next OHFA board meeting is scheduled for January 21, 2026, when additional projects may receive funding. With growing demand statewide, local officials expect these programs to remain central to Oklahoma’s strategy for addressing housing affordability challenges.

Originally reported by Graham Dowers in News 9.