OKLAHOMA CITY— Twenty new homes in northeast Oklahoma 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 July 24 meeting, the Oklahoma Housing Finance Agency Board of Trustees voted to award construction loans to three entities as part of the Oklahoma Homebuilder Program. Once constructed, the resulting single-family homes will be available for purchase.
Trustees awarded $4.54 million to the following entities during this round:
Grand Housing Solutions, Inc. will build five homes in Grove
Old School Construction will build five homes in the Estates at Edgewood in Collinsville
Green Country Habitat for Humanity will build 10 homes in Wagoner
Also included within the HSP is the Oklahoma Increased Housing Program. Developers utilize this financing source to construct new rental housing. No awards were made for this program at this meeting.
Trustees also approved a resolution approving the use of down payment and closing cost assistance offered by the program to be utilized by buyers of houses built as part of the Oklahoma Housing Trust Fund.
Future loan awards for the $215 million program will be considered at each of OHFA's remaining board meetings.
