OK Housing Stability Program White Paper - Initial Draft

Are there provisions for single family landlords with existing homes?

Is there a reason the minimum is 1300sft? There are several 1-to-2-bedroom around 800 to 1100sft homes that could cure a need in the whole state for this size of home wanted/needed. Some people would not ever need a 1300sf home or rental property, I am one of those people. This would also allow for more homes to be built in the long run while allowing smaller families affordable housing.

Smaller square footage homes would be a big help , I mean the math on this deal is 160 x 1300 = 208k - I mean that’s like over $1800 a month ,, that’s pretty steep

Why are the eligibility requirements up to 120% AMI? That's market rate housing...this should focus on <100% AMI, that's where the true need and deficit is in both rural and urban areas.

I agree There should Most definitely be a cap on rent, especially since the OHFA states rent cannot be more than 30% of the Disabled/Elderly/Low income. Additionally, There should be AFFORDABLE HOUSING here in Oklahoma city. I have been here for 2 years as a Disabled 50 ish yr Woman. I have had to move 3 times in a year due to the Apartment/Housing Not passing Multiple inspections, through OHFA. I have traveled this country and haven't seen the massive abuse of Federal funding that I've witnessed since the onset of COVID 19. The Oklahoma City County Jail Is Atrocious. At least a dozen deaths in the past year alone, due to overdose, while incarcerated. The Affordable Housing has had funding stolen from it since it's inception,it seems. The Is No Code Enforcement so Ultimately "WE" must deals with the Unacceptable housing that "We" are forced to endure. I just hope that there is an Over-site Committee that has residents that have to live within these Communities, on them. If I only get $1,000 in Monthly benefits , how can You even fathom rent being $700 for a 2/bdrm. Utilities, Personal Expenses, Insurance, Car Note.etc... Most Definitely Need RENT CONTROL, & Representation of those You plan to Serve. How About a community of Affordable Tiny Homes For Seniors & Disabled? & I want 1st Dibs on that .

As a home builder, that math @ $160 a foot doesnt work when you factor in land costs avaliable in non-rural areas. There needs to be a provision for smaller builders who have to buy at post developed land costs. If not then this number only allows for the large pocketed develop/build groups. ex. RC, Dr Horton, Simmons, etc in my area. I would love to build 5 to start. The only neighborhoods at my disposal that have that size allowance have lot costs that make the over all build costs exceed the maximum salable amount a foot so a 2200 sqft build before realtor fees would not even yield break even postion. The smaller the house the more out of balance those numbers become.

Lots of interesting thoughts here, but unfortunately we're tied by the realities of the situation.

1. The urban/rural split was politically required to get the votes for the bill to pass, just like the original State Affordable Housing Tax Credit. OHFAs hands are reasonably tied here. Over time that was released, but it had to come from the legislature. Further, the type of housing this bill was passed for is currently getting produced in decent numbers in the urban areas. It's already been mentioned that DR Hortons, Rausch Colemans, Ideal and Home Creations, along with for profit multifamily developers are producing a lot of units in OKC and Tulsa area. And they are doing it for as low as $140 per sq ft. But that type of housing isn't getting produced much in rural Oklahoma. This bill was passed to help fix that.

2. There are numerous other incentives to develop housing at or below 60% of AMI. About 7 years ago the state legislature passed a bill that provides $40,000,000 per year every year to fund housing at or below 60% of AMI. This new bill was to help with housing of the missing middle by incentivizing more market rate housing where it isn't getting built. Though there is some talk of paring this funding with tax exempt bond financing which would target 60% and below, I don't think that's the best use of this resource. Bond financed housing has picked up tremendously since OHFA shifted the AHTC incentive to bond deals. We need to target the missing middle. There's plenty out there right now for at or below 60%.

3. Originally I agreed with the smaller home size. Logic tells us that's the way to get more housing out there. So I tried it. And failed. And tried it again, and failed again. And realized home buyers aren't logical. They purchase emotionally. While they'll rent them over and over, they won't buy homes smaller than 2 car garage around 1300 sq ft. There are outliers, but OHFA has to craft a program where the homes will sell, or they won't get their money back to give to other builders.