OKLAHOMA CITY – Affordable housing tax credits approved today by the Oklahoma House of Representatives will boost economic development in Western Oklahoma, according to state Rep. MikeSanders.
Senate Bill 2120 was approved by a vote of 66-27. It will now proceed to the governor’s desk.
“Tax credits to help support the creation of affordable housing was an conservative idea born in the 1980s,” said Sanders, R-Kingfisher. “These tax credits will help with the housing crisis in Western Oklahoma. Affordable housing will help residents, especially senior citizens. They are also a factor that is considered when businesses decide where to set up shop. This is an important tool in the toolbox that Northwestern Oklahoma communities can draw on to attract industry to our region.”
The tax credits provided under the legislation will match the federal low-income housing tax credit for qualified projects. They are redeemed after construction is complete and capped at $4 million annually. The Oklahoma Housing Finance Authority will administer the credits to ensure that rural areas are not overbuilt and to background check developers. Rent in these homes is limited to 60 percent of the area median income of each county.
“We have seen Western Oklahoma benefit from the tax credits we have passed in Oklahoma and I am pleased to see that there are still new tools available to further boost that growth,” Sanders said.
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