The OkHBA held its Spring Board of Directors meeting last week. Among the many items of business, the directors heard a report from the Oklahoma Housing Finance Authority about the Housing Stability Fund recently approved by the Oklahoma Legislature. The idea behind the fund is to not only increase housing, but especially in rural communities in Oklahoma.
One of the ways to entice builders to build in rural communities is zero percent (0%) construction loans for 24 months. To qualify a builder must supply 10% and build a minimum of 5 homes with a maximum of 25 homes. They can be on scattered sites – meaning a builder could build in surrounding rural communities. The construction loan must be repaid before submitting another application.
While we would like to have seen some kind of partnership with those rural communities, such as in-fill lots at no cost or greatly reduced cost, there are some aspects of the program we like. The size of the homes are those we think typically are in the attainable range – 1,000 to 2,000 square feet.
There is also down payment assistance to the buyers via OHFA. They can qualify for a grant of 5% down payment assistance, but they must maintain their residency in the home for 3 years.
There is more to the program. For more information, visit www.ohfa.org/housingstability.
Mike Means
OK Home Builders Assn
