The state of Oklahoma now has its biggest pot of money ever to spend on developing housing: $215 million in its new Oklahoma Housing Stability Program, after Gov. Kevin Stitt approved emergency rules for it.
The Oklahoma Housing Finance Agency started accepting applications for the program on Monday.
“This is the largest allocation of state-appropriated funds ever designated for housing development,” Deborah Jenkins, the agency’s executive director, said previously. “We are eager to see the increased development of both for-sale and rental homes the Oklahoma Housing Stability Program will bring.”
The program, created by legislation authored by Rep. Kevin Wallace, R-Wellston, and Sen. Chuck Hall, R-Perry, provides $215 million to fund the construction of new single-family homes for purchase and for single and multifamily rental homes.
It also offers down payment and closing cost assistance for home buyers who purchase homes produced by the Oklahoma Homebuilder Program.
“With the approval of the emergency rules, Gov. Stitt demonstrates his profound understanding of the housing issues faced by Oklahomans and his commitment to addressing the housing shortage in rural and urban communities throughout the state,” said Mike Buhl, chairman of the OHFA Board of Trustees.