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 Nov. 20 meeting, the Oklahoma Housing Finance Agency Board of Trustees voted to award construction loans to five entities as part of the HSP Oklahoma Homebuilder Program. Once constructed, the resulting single-family homes will be available for purchase.
Trustees awarded $12.35 million to the following entities for new construction during this round:
- BnB Industries, Inc. for the new construction of six homes known as Jennings Estates, Phase II in Wynnewood, Garvin County
- Central Oklahoma Habitat for Humanity, Inc. for the new construction of 25 homes known as Cornerstone Creek, Section 1 in Oklahoma City, Canadian County
- John R. Coffey and Assoc., LLC for the new construction of eight homes known as Indian Horse Homes in Marietta, Love County
- Osage Reserve Developers, LLC for the new construction of 15 homes known as Sperry Single Family Homes in Sperry, Osage County
- Willoy Homes, LLC for the new construction of eight homes known as Haystack Ridge Estates in Inola, Rogers County
Buyers of these houses can take advantage of additional down payment assistance.
The Oklahoma Increased Housing Program provides for the new construction of multifamily rental units. Trustees awarded $3.6 million to the following entities:
- Rushi Patel for the construction of Tulsa Square Apartments, a 147-unit development in Tulsa.
- Bravo Ridge Development Group, LLC for Noble Heights, a seven-unit development in Spencer
Future loan awards for the $215 million program will be considered at each of OHFA's board meetings. The next meeting is slated for January.
For more information about the Oklahoma Housing Stability Program, visit ohfa.org/housingstability
