- Property Owners & Managers
- About OHFA
Providing Housing Resources With an Eagerness to Serve
With a goal of improving the housing stock in Oklahoma, the Oklahoma Housing Finance Agency was created in 1975 when Governor David Boren approved the agency's first trust indenture. The Agency is a non-profit, tax exempt entity, with the State of Oklahoma as the beneficiary of the Trust. In 1976, OHFA opened its doors with 12 district field agents hired to implement a rental assistance program.
1976: OHFA's first program the Housing Choice Voucher Program, was developed. Also known as Section 8, this program helps elderly and disabled individuals, working families on fixed incomes and single parents live in safer neighborhoods by paying a portion of their rent. Rental assistance offers a helping hand to those who are at or below 30 percent of the area median income.
1980: OHFA made home loans available through the Mortgage Revenue Bond program, now known as OHFA Advantage. This program works with participating lenders statewide to provide 30-year fixed-rate low-interest home loans. Interest rates are well below market rate loans. The most popular type of loan offers down payment and closing cost assistance.
1987: OHFA began issuing Affordable Housing Tax Credits to create public/private partnerships between OHFA and developers who build affordable apartments or homes, or rehabilitate existing housing. Developers are awarded tax credits based on local need, as well as population and economic growth trends. Developers sell tax credits to Fortune 500 companies and other investors, and money obtained from the sale of credits is used to lower financing costs. The end result is lower rent for families.
1989: OHFA developed its Housing Pilot Program which pays for repairs, maintenance and utility bills at temporary homes operated by 13 shelters or community action agencies statewide. The program helps families who are homeless move into transitional housing and eventually permanent housing.
1992: OHFA began its Family Self-Sufficiency Program. This program is designed for families who participate in the Housing Choice Voucher Program. A family enters a five-year contract to establish financial freedom and work toward the achievement of goals. When a family's income increases, the portion of rent they pay increases. An escrow account is established, and OHFA makes monthly deposits equal to the family's increased earned income. If a participant achieves his/her goals within five years, money in the escrow account is presented to the family.
1994: OHFA begins operating the Housing Opportunities for People with AIDS program. This program provides funding to selected organizations so they can provide housing assistance and related supportive services to individuals with HIV or AIDS.
1998: The Home Investment Partnerships Program (HOME) began in 1998. It encourages local governments, developers and nonprofit housing organizations to build new homes, rehabilitate existing housing or make structural home repairs. This program is designed to encourage partnerships to fund construction and rehabilitation of affordable housing for low-income families, particularly in rural Oklahoma.
1998: OHFA's Oklahoma Housing Trust Fund was established. This program provides low-interest loans to finance new construction, conversion of buildings into apartments or homes, rehabilitation projects or infrastructure improvements, particularly in rural Oklahoma.
2000: OHFA was named Contract Administrator for Oklahoma by the U.S. Department of Housing and Urban Development (HUD). Through Project Based Contract Administration, OHFA oversees Housing and Urban Development (HUD) contracts for 170 properties statewide, providing housing assistance payments to owners for nearly 13,000 families who live in Project-Based Section 8 apartments. OHFA ensures the property owners comply with HUD regulations to provide housing for eligible families.
2004: State Treasurer Robert Butkin named OHFA the certifying agency for the Affordable and Rural Housing Linked Deposit program. This program provides interest rate discounts through lending capital in the form of Certificates of Deposit to banks at a reduced interest rate. The banks pass these savings to the borrower.
2004: OHFA begins the Housing Choice Voucher Homeownership program. OHFA works with participating individuals and families to achieve the American Dream of homeownership. Eligible families pay mortgages with funding previously set aside for rent.
2009: OHFA is named an administrator for American Recovery Reinvestment Act funds. The funding provided from ARRA provides the State of Oklahoma with powerful resources intended to combat national dislocations within the tax credit program.