OKLAHOMA CITY-Brand-new homes for sale and rental developments will soon be built, thanks to the Oklahoma Housing Stability Program (HSP). This program, in its first year, provides 0% interest construction loans for the new construction of single-family homes and multifamily rental housing.
At its Sept. 18 meeting, the Oklahoma Housing Finance Agency Board of Trustees voted to award construction loans to four entities as part of the HSP Oklahoma Homebuilder Program. Once constructed, the resulting single-family homes will be available for purchase.
Trustees awarded $11 million to the following entities for new construction during this round:
- Stillwater Sierra Development Group, LLC - 20 houses in Pryor, Mayes County known as The Meadows at Stonegate, Phase II
- Two Structures, LLC - six houses in Oklahoma City, Oklahoma County known as Two Structures Development
- Park Avenue, LLC - 16 houses in Mustang, Canadian County known as Lewis Lane
- Kimmel Group, LLC - 12 houses in Oklahoma City, Oklahoma County known as West Creek
Buyers of these houses can take advantage of enhanced down payment assistance.
The Oklahoma Increased Housing Program provides for the new construction of multifamily rental units. Trustees awarded $15 million for this purpose. Awardees include:
- 22 North Utica, LLC - 48-unit development called 22 North Utica
- Magnolia Ridge III, LLC - 36-unit development in Stillwater, Payne County
- A New Leaf, Inc. - for The Villages at A New Leaf Phase II, a 59-unit development in Owasso, Tulsa County
- Unit Street Townhomes, LLC - for Union Street Townhomes, an 18-unit development in Shawnee, Pottawatomie County
- WoodCo Construction, LLC - for The Villas at Hollow Brook, a 20-unit development
Future loan awards for the $215 million program will be considered at each of OHFA's board meetings. The next meeting is slated for Nov. 20.
For more information about the Oklahoma Housing Stability Program, visit ohfa.org/housingstability
