OHFA Pauses Rural Housing-Development Applications as Set-Aside Funds Tighten

The Oklahoma Housing Finance Agency has temporarily stopped accepting Rural Set-Aside applications through the Oklahoma Housing Stability Program's Increased Housing Program because of current funding availability.

OHFA announced the pause on September 21. Agency staff planned to recommend another Rural Set-Aside application for approval during the September 23 Board of Trustees meeting. OHFA said that if the application were approved, the set-aside would not have enough remaining funding for another application.

The pause affects applications from developers seeking financing for rural rental and housing construction. It does not suspend OHFA's consumer mortgage or down-payment-assistance programs.

OHFA describes the Housing Stability Program as a revolving funding source. Money returns to the program as homes are sold and rental developments move into permanent financing. OHFA plans to reopen Rural Set-Aside applications once repayments rebuild available funding to $3 million.

State program rules require 75 percent of Oklahoma Housing Stability Program funds to be directed toward rural communities.

Developers and community partners should review the current program status directly with OHFA before preparing or submitting an application.

Limitations

This pause concerns developer applications under the Increased Housing Program Rural Set-Aside, not every OHFA housing or homebuyer program.

The September 23 board outcome was not available when this brief was prepared.

Funding availability and application status can change when repayments return to the revolving program.

OHFA Pauses Rural Housing-Development Applications as Set-Aside Funds Tighten

What changed

Why it matters

What to watch

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