Welcome to today’s roundup of news in the Real Estate category. In Oklahoma, exciting opportunities are emerging for those interested in expanding housing options. The Oklahoma Housing Finance Agency is hosting an application training webinar for the Oklahoma Housing Stability Program, offering 0% interest construction loans for new housing projects. This program aims to support the development of both for-sale homes and rental properties, with a historic investment of $215 million towards housing construction. Additionally, an OKC developer has received approval to build upscale homes near I-235, while the Oklahoma City Department of Housing and Urban Development has granted $7.1 million towards fighting homelessness. In Washington County, home prices have seen fluctuations, making it an interesting market to watch. Read on for more details and insights into the latest happenings in the housing market.
Oklahoma Housing Stability Program: A Golden Opportunity for New Housing Construction
For those interested in contributing to the expansion of housing options in Oklahoma, an upcoming event offers a valuable opportunity. The Oklahoma Housing Finance Agency (OHFA) is hosting an application training webinar for the Oklahoma Housing Stability Program, which provides 0% interest construction loans for new housing projects. This program is designed to support the construction of both for-sale homes and single or multifamily rental properties.
The webinar is scheduled for Wednesday, June 19, at 2 p.m., and will be conducted online to accommodate participants from across the state. The training session will focus on the application process, offering attendees practical advice and answering their questions to ensure a smooth and successful application experience.
The Oklahoma Housing Stability Program represents a historic investment in the state’s housing infrastructure, with a total funding pool of $215 million. This initiative marks the largest-ever allocation of funds by the state towards housing construction. The goal is to stimulate the development of new housing to meet the growing demand and enhance the stability of the housing market in Oklahoma.
The OHFA’s Housing Stability Program offers 0% interest construction loans, making it an attractive option for developers and builders. Applications for these loans are accepted year-round, providing flexibility for applicants to plan and execute their projects.
Interested participants are encouraged to register in advance for the training webinar. Detailed instructions and registration links are available on the OHFA website. The session will not only cover the technical aspects of the application but will also offer insights into best practices for project proposals and completion.
For homebuyers, the OHFA website provides additional resources, including information on down payment and closing cost assistance programs that can make purchasing a home more affordable.
The first-ever allocations under the Oklahoma Housing Stability Program were awarded at the OHFA Board of Trustees meeting on May 15. Nearly $15.5 million was allocated through the Oklahoma Homebuilder Program, while approximately $7.9 million was awarded through the Oklahoma Increased Housing Program. These initial awards signal the beginning of a transformative phase in Oklahoma’s housing sector, promising significant growth and development.
The upcoming webinar on June 19 is a must-attend for developers, builders, and other stakeholders interested in Oklahoma’s housing market. By participating in the Oklahoma Housing Stability Program, they can access vital funding and support, contributing to the state’s ambitious housing goals. Register now to secure a spot in this informative session and take the first step towards making a substantial impact on Oklahoma’s housing landscape.
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OKC developer given green light to build upscale homes near I-235
An area of Oklahoma City that developers have been interested in since 2004 could finally be finished soon, with the construction of dozens of upscale homes. Known as “The Hill” neighborhood, east of Deep Deuce, the developer behind Wheeler Park has received approval from the city to proceed with the project. The developer plans to design a mix of townhomes and single-family detached homes, creating more common areas and green space. With the green light from the Oklahoma City Council, the developer aims to complete the project within the next four to six years. Explore the full story for more details.
Oklahoma City Grants $7.1 Million Towards Fighting Homelessness
The Oklahoma City Department of Housing and Urban Development has granted $7.1 million towards fighting homelessness in the city. As the largest source for housing assistance funds, the department aims to use the grant to provide housing for individuals experiencing homelessness and fund case management services. This significant investment will make a positive impact on addressing homelessness in Oklahoma City.
Washington County homes for sale were listed at higher prices in May
In May, the median home price for listings in Washington County increased to $234,600, a 3.4% rise from the previous month. However, compared to May 2023, the median home list price decreased by 13%. The data in this article specifically focuses on houses listed for sale in Washington County. For more information on your local housing market and other community data, visit data.oklahoman.com.
The median home in Washington County had an average size of 1,865 square feet and was listed at $118 per square foot, representing a 6.9% increase from May 2023. Listings in the county had a median of 34 days on the market, shorter than the national median of 44 days. Around 64 new listings were added in May, a 15.8% decrease compared to May 2023.
While the median home prices reported by Realtor.com may not include all homes in the market, they provide valuable insights into the single-family homes, condominiums, and townhomes that are listed. Across the Bartlesville metro area, median home prices rose slightly to $233,375, with an average size of 1,857 square feet and a list price of $118 per square foot. In Oklahoma as a whole, median home prices increased to $309,975, with an average size of 1,904 square feet and a price of $163 per square foot. Nationally, the median home price was $442,450, with an average size of 1,859 square feet and a price of $233 per square foot.
For a more accurate view of the market, experts suggest using the median home list price rather than the average, as it is less likely to be skewed by extremely high or low prices. This report is part of the USA TODAY Network’s localized versions generated with data from Realtor.com.