New bill on Governor's desk addresses housing shortage in Oklahoma


HB1031 will help build affordable homes for more Oklahomans-and the number needed is staggering.

Oklahoma currently needs 81,638 rental homes or apartments to meet the needs of its low-income renters, according to one source.

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Oklahoma is acting on the current housing shortage

➡️Will more renters be able to afford to buy their own homes? The Oklahoma Homebuilder Program is a program run by the Oklahoma Housing Finance Agency (OHFA) that aims to create more affordable homes in Oklahoma.

The program provides loans to homebuilders at low interest rates, including zero percent, to build single-family homes.

Urban and rural communities will benefit

The program funds housing developments in both urban and rural areas of the state.

Preference is given to applicants who want to build homes in communities that have recently experienced natural disasters. Participants in this program cannot also receive the Oklahoma Affordable Housing Tax Credit.

State money will be used to support this Homebuilder Program

The revolving fund called the Homebuilder Revolving Fund, is managed by OHFA and consists of money received from various sources and is used to support the Oklahoma Homebuilder Program. OHFA can use up to 5% of the funds to cover administrative costs for this program.

A program to assist both developers and homebuyers

Additionally, the Oklahoma Increased Housing Program, also administered by OHFA, aims to create more affordable housing in Oklahoma. This program assists both developers and homebuyers.

Developers can apply for financing to build single-family and multi-family homes, while homebuyers can apply for grants (free money) to help with their down payments.

The program gives money to housing developments in urban and rural areas and gives preference to applicants in disaster-affected communities. Participants in this program are also not eligible for the Oklahoma Affordable Housing Tax Credit.

HB1031 lets citizens know that there is a revolving fund for the Oklahoma Increased Housing Program called the Oklahoma Increased Housing Revolving Fund. It operates similarly to the Homebuilder Revolving Fund and supports the Oklahoma Increased Housing Program. OHFA can use up to 5% of the funds for administrative costs for this program.

HB1031 lets citizens know that for both programs mentioned above, OHFA is exempt from certain financial regulations and acts related to the Oklahoma State Finance, Central Purchasing, and Public Competitive Bidding.

However, OHFA is still subject to financial regulations and reporting requirements, including audits. Any money in the revolving funds is protected from claims by bondholders or other debt holders related to other housing programs administered by OHFA.

What do you think of HB1031? Is it something that Oklahomans need? Do you think it will improve life for most Oklahomans?


Hi! I'm Judy and I have an interest in psychology and sociology issues. I'm curious about how new laws will affect you. Share your thoughts in the comments and feel free to share this article on social media and with family and friends, if you'd like.

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Judy Derby has worked in the surrounding communities as a social worker and advocate. providing resources and information to help local families meet their basic needs. She's been writing about social issues and related topics for over 10 years.

Antlers, OK

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