All current monthly payments are released to the owner on the first business day of the month.
Oklahoma Housing Finance Agency provides rental payments to property owners on behalf of clients on the Housing Choice Voucher program. All current monthly payments are released to the owner on the first business day of the month. If the first day of the month falls on the weekend, the payments will be released on the next working day.
Clients must be physically occupying the units for payment to be made. OHFA is not allowed to release the payment for rent if the tenants are not living in the unit. The unit must meet Housing Quality Standards.
Owners who decide to sell their property must notify both the new owner and the tenant that there is a new owner who will now be accepting the Housing Assistance Program (HAP), a Federal Contract, for the current payments and requirements under the rules for US Department of Housing and Urban Development assistance.
The HAP contract determines the amount of payment agreed upon at the signing of the contract for the balances due from the tenant (if applicable) and OHFA for rental assistance. This contract does not expire while the tenant is living in the unit and the unit complies with Housing Quality Standards. New owners must not increase rental amounts without prior approval from the OHFA office.
New owners must contact the agency to request necessary documentation to process an ownership change. Payments to the prior owner will temporarily be placed on hold until all documents are received and processed from the new owner. New owners will be sent the documents to complete to continue receiving the rental payments on behalf of the tenant in the purchased unit.
OHFA will provide the owner with the following documents for accurate processing for 1099 IRS purposes and contractual agreements for the tenants and owners.
- W-9 IRS form
- Direct Depository Authorization Form for monthly distribution of rental payments
- A form to be notarized for Occupancy
- Owner Lease agreement.
The documents from the new owner require completion to process the payments from OHFA. A copy of the warranty deed or proof of ownership, a county accessors notification is also required to show ownership of the property. If a management company will be handling the property for the owner, a current management agreement is required at the time of ownership change. This transfer can result in 60 days to process from submission to completion.
All ownership changes must be submitted to the Finance Rental staff at [email protected] and/or call 405-848-1144 Ext. 2898 for notification and assistance.
