The Oklahoma Increased Housing Program shall be administered by the Oklahoma Housing Finance Agency (OHFA). The goal of the program is to help create more affordable housing across the State of Oklahoma. The program shall help both developers and homebuyers. Developers may apply for gap financing in building both single family and multi-family homes across the state. Homebuyers may apply for a grant assisting in making their down payments in purchasing a home. The program shall fund both urban and rural housing developments across the state. The program shall give preference to applicants who are looking to develop or buy housing in communities that have been under a federally declared disaster within the last twelve (12) months. Additionally, participants in the program shall not be eligible for the "Oklahoma Affordable Housing Tax Credit" as found in Section 2357.403 of Title 68 of the Oklahoma Statutes. OHFA may promulgate rules to develop the Oklahoma Increased Housing Program. OHFA shall provide a yearly report beginning July 1, 2024, to the Governor, the Speaker of the Oklahoma House of Representatives, the President Pro Tempore of the Oklahoma State Senate, the House Appropriations and Budget Chair, and the Senate Appropriations Chair detailing how many awards have been made to both developers and to homebuyers, how many additional housing units have been built, along with other program information deemed relevant by OHFA.
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