Northeastern Oklahoma is about to see a major boost in affordable housing with the announcement of 20 new homes being built thanks to a new statewide program offering zero percent interest loans for construction. This innovative initiative is set to provide much-needed housing options for families in the region.
Who’s Behind the New Homes?
Three organizations are taking part in this exciting project:
- Green Country Habitat for Humanity will be constructing 10 homes in Wagoner.
- Grand Housing Solutions, Inc. will build 5 homes in Grove.
- Old School Construction will handle 5 homes in the Estates at Edgewood in Collinsville.
This program aims to make homeownership more affordable and accessible for families in northeastern Oklahoma.
A Game-Changer for Affordable Housing
According to Karyn Weitl from Green Country Habitat for Humanity, this program is a significant step forward for affordable housing. “We’re excited to offer these first 10 homes to families,” Weitl said. Habitat for Humanity has a strong track record of building homes in the Tulsa area and is thrilled about expanding to Wagoner.
The zero percent interest construction loans are part of the Oklahoma Homebuilder Program, which is managed by the Oklahoma Housing Finance Agency (OHFA). This program is a major development for the state, as it represents the largest investment in housing in Oklahoma’s history.
Details of the Program
Holley Mangham from OHFA explained that last year, state lawmakers passed the Oklahoma Housing Stability Program. This program includes $100 million allocated for no-interest construction loans aimed at helping developers build homes across the state. These loans are available to builders working on projects anywhere in Oklahoma.
The new homes built using these loans will be between 1,000 and 2,000 square feet, providing spacious and comfortable living options for families. “We’re really excited to see the homes created from this program,” Mangham said. “It’s brand new, and we’re thrilled that the Oklahoma state legislature entrusted us with these funds.”
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How the Program Works
Borrowers under this program are required to repay the loans within two years. This approach ensures that the funds continue to circulate and support new housing projects. “We hope that we can keep circulating and keep building, not only in Wagoner but in other communities as well,” Weitl added.
Timeline for the New Homes
Habitat for Humanity plans to break ground on the new homes by October and aims to have them ready for families by January. This timeline is designed to address the need for affordable housing in the area quickly.
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Get More Information
The OHFA website provides additional details for those interested in learning more about the loan program or seeking assistance with a down payment.
This new initiative represents a major step forward in addressing housing needs in northeastern Oklahoma, offering a promising future for many families in the region.
