Housing Tax Credits were allocated by OHFA's Board of Trustees last month.
On May 10, a significant milestone was reached in Oklahoma's affordable housing sector as the Oklahoma Housing Finance Agency (OHFA) Board of Trustees voted to award over $16 million in Affordable Housing Tax Credits. This crucial funding will help address the pressing need for affordable housing in the state and make a positive impact on the lives of individuals and families in need. Two notable projects that received funding during OHFA's first funding period of 2023 are Lindenwoods Phase VI in Durant and Rose Creek Apartments in Edmond.
Lindenwoods Phase VI; Creating new opportunities in Durant, Located north of 88 Madeline Dr., Durant, Lindenwoods Phase VI is an eagerly awaited project that received funding from OHFA. The development will encompass the construction of 24 multifamily units, offering affordable housing options for individuals and families in the community. This investment will not only provide safe and decent housing but also contribute to the economic growth and stability of the region.
Rose Creek Apartments help meet the demand in Edmond; In response to the growing demand for affordable housing in Edmond, OHFA awarded funding for the construction of Rose Creek Apartments. Situated at 18300 N. May Ave., this project will add 125 multifamily units to the city's housing inventory. With its strategic location and affordable rental rates, Rose Creek Apartments will play a vital role in expanding housing opportunities and fostering inclusive communities in Edmond.
The Impact of Affordable Housing Tax Credits; Affordable Housing Tax Credits play a crucial role in promoting the development of affordable housing across Oklahoma. By providing tax incentives to private investors, these credits encourage their involvement in financing affordable housing projects. As a result, more affordable housing units are created, helping to alleviate the housing shortage and improve living conditions for low-income individuals and families.
The OHFA's commitment to awarding $16 million in tax credits demonstrates its dedication to addressing the pressing affordable housing needs in the state. These funds will not only support the construction of new units but also contribute to the revitalization of neighborhoods, job creation, and economic growth in the communities where these projects are located.
The recent decision by the Oklahoma Housing Finance Agency Board of Trustees to award more than $16 million in Affordable Housing Tax Credits marks a significant step towards tackling the affordable housing crisis in the state. Projects such as Lindenwoods Phase VI in Durant and Rose Creek Apartments in Edmond will not only provide affordable housing options but also contribute to the overall well-being and prosperity of their respective communities. Through continued collaboration and investment in affordable housing initiatives, Oklahoma is moving closer to ensuring that every individual and family has access to safe, affordable, and stable housing.
