Welcome to today’s Real Estate news roundup! In Oklahoma, Gov. Kevin Stitt has signed emergency rules for the $215 million Housing Stability Program, aimed at funding the construction of single-family homes and rental properties. The program also offers down payment and closing cost assistance for homebuyers. Meanwhile, in Tulsa, first-time homebuyers are navigating the market during uncertain times, with high interest rates and common misconceptions about affordability. However, experts recommend preparation and exploring available programs and incentives. Additionally, the Oklahoma City Council has approved an affordable housing project and emergency shelter, addressing the housing crisis and advocating for increased accessibility. Lastly, the council is set to vote on funding the largest affordable housing project in downtown Oklahoma City. Stay informed and explore these stories further by clicking the links below.
Gov. Stitt Signs Emergency Rules For $215 Million Oklahoma Housing Stability Program
Emergency rules for the Housing Stability Program in Oklahoma were approved by Gov. Kevin Stitt on Thursday. The Oklahoma Housing Stability Program (HSP) provides $215 million to fund the construction of single-family homes for purchase and for single and multifamily rental homes. The Oklahoma Housing Finance Agency will begin accepting applications for the programs on Monday, Jan. 29. The HSP also offers down payment and closing cost assistance for homebuyers who purchase homes made by the Oklahoma Homebuilder Program. “With the approval of the emergency rules, Governor Stitt demonstrates his profound understanding of the housing issues faced by Oklahomans and his commitment to addressing the housing shortage in rural and urban communities throughout the state,” said Mike Buhl, chairman of the OHFA Board of Trustees.
Oklahoma’s Own In Focus: How The State’s Housing Market Affects First-Time Home Buyers
The Federal Reserve sets the monetary policy for the United States, which includes, of course, interest rates. Those rates have been high for more than two years, making it more expensive to borrow money for things like home loans. Despite this, first-time homebuyers in Tulsa are navigating the market during an uncertain time.
Burkely and Paul Hood recently bought their first home in Jenks, with access to two major highways. They had been saving money for the last three years, making sacrifices to ensure they had a nest egg even after purchasing their home. Stephen Brocks, their realtor, has seen a lot of first-time homebuyers entering the market, coming from various life circumstances.
There are common misconceptions about buying a home right now, such as it being unattainable or requiring a 20% down payment. However, preparation is key to success in today’s market. Getting pre-approved by a lender and understanding home costs in your desired location are crucial steps. Offers these days aren’t just about cash; negotiations can include closing day, inspection terms, and earnest money contributions.
Experts recommend asking questions to the right professionals, interviewing multiple realtors, and contacting several banks to explore available programs and incentives. Transparency with your banker about your financial situation is essential for identifying a pre-approval range that aligns with your needs and future plans.
The average home in Tulsa County costs around $235,000, with an average monthly payment of $1,500. Mortgage rates in Oklahoma are approximately 8 percent. Despite the challenges, many first-time homebuyers like the Hoods have successfully navigated the housing market and achieved their dream of homeownership.
Oklahoma City Council approves affordable housing project and emergency shelter
The Oklahoma City Council passed two resolutions on Tuesday addressing an emergency homeless shelter and a new affordable housing complex. Area realtors are advocating for cutting red tape around home building and ownership to increase accessibility and address the housing crisis. The Alley’s End Affordable Housing Project, a 200-unit apartment complex, will replace an empty field in downtown Oklahoma City. Additionally, an emergency shelter resolution was approved for St. Paul’s Episcopal Cathedral during cold weather. With concerns about a growing unhoused population, realtors and city leaders are working together to find solutions and ensure affordable housing options for all.
Oklahoma City Council Set To Vote On Funding Downtown Affordable Housing Project
The Oklahoma City Council is scheduled to vote on the “Alley’s End” affordable housing project, which could bring over two hundred new affordable housing units to downtown Oklahoma City. If approved, this would be the largest affordable housing project in the state. The developer is requesting $2 million in funding from the city, which would come from bond money already allocated for affordable housing. This project aims to address the need for more affordable housing options in the area. Stay updated with breaking news and updates by subscribing to News 9.
Man kills wife, 3 kids in murder-suicide mass shooting; 4th child survives unharmed: Police – ABC News
A tragic incident unfolded in Oklahoma as a man killed his wife and three of their children in an apparent murder-suicide mass shooting. The only survivor was their 10-year-old son, who called 911 after waking up to find everyone inside the house seemingly dead. Police believe the husband became involved in an altercation with his wife before shooting her multiple times. He then systematically went through the home, hunting down and killing three of their children. The 10-year-old, miraculously unharmed, remains the sole survivor.
This heartbreaking event highlights the devastating impact of domestic violence and the urgent need for support systems and resources. If you or someone you know is struggling with thoughts of suicide or needs emotional support, please reach out to the Suicide & Crisis Lifeline at 988 for free and confidential assistance, available 24/7.