Friday, February 23, 2024

Oklahoma Housing Stability Program bill passes

During the last week of the state legislative session, both the House and Senate passed HB 1031, which became law earlier this month.

HB 1031 creates the Oklahoma Housing Stability Program.  The purpose of the program is to increase the number of single-family residences available for purchase across the State of Oklahoma for families with incomes up to $120% of the AMI, provide gap financing to aid and incentivize the production of rental housing across the state and remove the barrier to homeownership for Oklahomans caused by the lack of available funds for down payment and closing costs associated with buying a home.

Click here to read the white paper for the Oklahoma Housing Stability Program.

There are opportunities for bankers and the public to comment on the proposed program through an online forum. Click here to access the forum, which allows you to ask questions, provide feedback, etc.

There are opportunities for bankers and the public to comment on the proposed program.  The Oklahoma Housing Finance Authority will be implementing rules and operating the program.  Below are directions on how to access the website to leave comments or ask questions.  There will be public hearings and webinars down the road to further educate everyone involved, as soon as that information is available we’ll get it to the membership.