OKLAHOMA CITY—The Oklahoma
Housing Finance Agency (OHFA) will have $7 million in 2008
lowincome housing tax credit (LIHTC) authority—the
same it had it 2007, and $600,000 less than it had in 2006.
The final LIHTCs were scheduled to be reserved after press
time, on Nov. 29, 2007.
"All categories were oversubscribed," said Darcy Green,
housing development program supervisor for OHFA.
"Nonprofit, elderly, rural developments … We
don’t see any trend toward one or another, just a
demand in excess of 3 to 1."
OHFA’s 2008 qualified allocation plan (QAP) is
final, with LIHTCs to be reserved in two rounds. The
first-round application deadline is Jan. 14, 2008, with a
reservation date of May; the second-round deadline for
applications is July 3, with reservations to be made in
Some changes in the 2008 QAP were that points awarded
for preservation were increased and points awarded for
management experience were reduced. OHFA also reduced the
number of points awarded for projects with leveraged
resources. Green said Oklahoma might witness an increase in
preservation deals thanks to its emphasis in the 2008 QAP.
Preservation has been a growing issue, but Oklahoma is
still witnessing new construction deals, said Green. In
2006, about 20 percent of its annual tax credit authority
went toward preservation. Since the last of the
reservations were not made before press time, it is not
known how much tax credit authority went to preservation in
Like other tax credit allocating agencies, OHFA has made
green design a priority. "It will be impossible [for
developers] to achieve the maximum points in our
development amenities criterion without incorporating some
green features," said Green.
Oklahoma is not seeing the skyrocketing costs that
developers in other states have experienced, but costs are
modestly going up. The trend toward homeownership in recent
years would likely reduce the number of affordable units in
the state, since single-family home deals have higher costs
OHFA does not anticipate allocating any tax-exempt bond
financing for multifamily projects in 2008, said Darrell
Beavers, OHFA’s housing development team manager.
None was allocated in 2007, either.
2008 LIHTC PROGRAM:
- 2008 LIHTC authority (est.): $7
- Application deadlines: Jan. 14,
- Web: www.ohfa.org