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Post by OHFA Admin on Jun 6, 2023 21:59:25 GMT
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Post by landlord on Jun 8, 2023 22:56:19 GMT
Are there provisions for single family landlords with existing homes?
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Post by Lee Zimmerman on Jun 9, 2023 13:46:06 GMT
There is a point of reference being a minimum of 1300 sq. ft. That figure by itself could be more helpful if the reader knew the cubic footage, and the average amount of natural light present in any 24 hours. Small square footage can feel large and open; sustainability is a moral obligation to our children...vast strides in insulation and hvac systems.
Efficient architecture can motivate, comfort and inspire. Could your outreach be more planet centric than USA centric.
Lee Zimmerman Founder/Principal
The
Bespoke
Architectural
Guild
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Post by okadrian on Jun 9, 2023 17:55:53 GMT
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.
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Post by MLM on Jun 9, 2023 19:50:40 GMT
Is there a reason 75% of funds would go to rural areas? Urban areas continue to grow while rural areas continue to shrink. It seems the numbers should be reversed. Rural Oklahoma accounts for about 30% of the states population...
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Post by Patrick mccool on Jun 9, 2023 22:40:36 GMT
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
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Post by esidler on Jun 12, 2023 15:25:32 GMT
I echo Patrick mccool's concern that the cap on home sale prices puts them out of reach for most people who would be eligible for the program. Additionally, why is there not a cap on rent for units built with these funds?
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Post by amashaney on Jun 12, 2023 20:38:13 GMT
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.
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Post by Ladibug on Jun 14, 2023 2:23:59 GMT
I echo Patrick mccool's concern that the cap on home sale prices puts them out of reach for most people who would be eligible for the program. Additionally, why is there not a cap on rent for units built with these funds?
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Post by Ladibug on Jun 14, 2023 2:44:57 GMT
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 .
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Post by BruceB on Jun 16, 2023 19:46:13 GMT
Related to the developer experience requirements for Rental Housing, can you clarify that "developer" means the total team (Pricipal, architect, contractor, engineer, etc). I have over 30 years of developer experience in retail, office and land development, but have completed only one multifamily project with an experienced MF partner. I would hope that someone such as me would be allowed to participate in the program. If not, we shut out many young, newer developers who will be building the smaller infill projects that are so desperately needed.
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Tulsa Area Home Builder
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Post by Tulsa Area Home Builder on Jun 21, 2023 20:51:11 GMT
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.
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nicks
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Post by nicks on Jun 21, 2023 22:05:58 GMT
Agree with several comments here. Here are some initial concerns.
1) The rural/urban split doesn't make sense. Rural areas have a housing crisis but they are also depopulating and losing their economic base over time. Housing issues are relatively easy to fix given there is less demand over all and it is lowering over time. Small supply increases will have a large impact on affordability.
2) Cutting off unit size at 1300 sqft minimum is too large and there is too much focus on single family homes. The biggest factor in housing costs is size and land cost. Allowing people to build smaller homes or multifamily units, which are in high demand, and increasing the possibility of utilizing a denser lot area, would help stretch the money, add more units and reduce costs/rents.
3) This proposal is concerning from an affordability standpoint. $250,000 per unit for rentals is too high to meet a reasonable definition of affordable. There should be efforts to ensure certain rental rates as a % of AMI (30%/50%/60%) are met over a guaranteed term. You may consider increasing the subsidy or helping developers get additional funds to hit those goals.
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lance
New Member
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Post by lance on Jun 26, 2023 3:42:26 GMT
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.
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Post by IG on Jun 30, 2023 20:16:49 GMT
My agency works in the affordable rental industry in southwest Oklahoma, all rural. There is a significant shortage of affordable rentals that meet habitability standards. Rentals are at 95% occupancy, and the available units are not even close to affordable. By most calculations, if a unit rents for $700, the person needs roughly $2,100 income requiring full-time at $13.10 per hour. Entry level workers do not make this much income. Often people we are attempting to assist with homelessness prevention services cannot find any available rental units. Yes, our area has seen population shrinkage, yet some of it is because of the housing shortage. This impacts the ability for this part of the state to attract new industry. There are two projects in the works -- a 250 unit town home development and an 80 unit 3 and 4 bedroom rental housing development. Bottom line, the housing crisis is multi-faceted and will take a lot of effort to solve.
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