How Federal Grants Help Oklahoma Provide More Affordable Housing

How Federal Grants Help Oklahoma Provide More Affordable Housing

Federal governments have announced $49 million for Oklahoma, aiding them to build more affordable homes for the people.

However, the U.S. Department of Housing and Urban Development has released more than $5 billion in funding under the Key to Home Program.

Holley Mangham, the communication manager at the Oklahoma Housing Finance Agency, has released a statement that “It’s all about increasing the amount of affordable housing,”

she added, “Just to make things more affordable in that rat race we call life.”

Oklahoma Housing Finance Agency is responsible for receiving money from departments from HUD grants and awarding it to several government departments and community organizations focused on the mission of creating affordable housing.

Oklahoma City’s Key to Home Program got over $7 million in funding from the U.S. Department of Housing and Urban Development (HUD) this year.

This program is all about helping people, like Kristy Smith, who are experiencing homelessness.

Kristy Smith faced homelessness for three years due to drug addiction, losing everything, including her family.

With support from organizations like the Homeless Alliance and the City Rescue Mission, she found a home through the Key to Home program.

However, her story highlights how housing assistance and support can transform lives, enabling individuals to rebuild and contribute positively to their communities.

Mangham said they are starting up a program named the HOME ARP program, which is part of the American Rescue Plan.

This program is aimed at helping another group of people who need housing assistance. For this program, there’s an additional $30 million available to support those in need of housing help.

How Federal Grant Help Oklahoma Provide More Affordable Housing
How Federal Grants Help Oklahoma Provide More Affordable Housing

“[People] at high risk of homelessness. This could be someone who is fleeing domestic violence or someone who is being stalked and they need a safe place to live,” She added.

She further added, “Ease the burden on communities and individuals.” She believes that the program can help her improve people’s lives and lead to a better future.

Further, she stated that last year, Oklahoma’s state lawmakers introduced the Oklahoma Housing Stability Program.

This initiative offers zero-interest loans to support community development. Recently, the program awarded its first round of funds, providing financial support to selected projects.

Overview of the Oklahoma Housing Stability Program

The Oklahoma Housing Stability Program (HSP) is a state initiative designed to address housing needs across Oklahoma.

It provides 0% interest construction loans to support the development of new single-family homes and rental housing, both single and multifamily.

Key points about the program include:

  • Purpose: The HSP aims to facilitate the construction of new homes for sale and rental properties through financial assistance to developers.
  • Funding: The program offers significant funding through two main components:
  • Oklahoma Homebuilder Program: Provides $100.7 million for the construction of single-family homes for purchase.
  • Oklahoma Increased Housing Program: Offers $63.55 million for the construction of single and multifamily rental homes.
  • Consumer Assistance: The program also provides consumer down payment and closing cost assistance, totaling $40 million. This assistance benefits individuals and families purchasing homes in Oklahoma, particularly those buying homes built through the Oklahoma Homebuilder Program.

Overall, the Oklahoma Housing Stability Program addresses various housing needs by supporting the construction of new homes for sale and rent, with a focus on affordability and accessibility for residents across the state.

About the author

Nancy Beverly

Nancy Beverly is a prominent political journalist and editor at World-Wire, known for her sharp analysis and deep understanding of global politics. With a Master's degree in Political Science, she excels in breaking down complex political issues, making them relatable to the public. At World-Wire, Nancy crafts compelling political narratives covering everything from local governance to international relations. Recognized for her expertise, she received the 'Excellence in Political Journalism' award in 2021. Nancy's work not only informs but also enriches her readers' understanding of political dynamics.

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