Oklahoma housing finance agency
Encyclopedia
The Oklahoma Housing Finance Agency (OHFA) is a non-profit organization
which serves the people of Oklahoma
by offering affordable housing resources, including loans and rent assistance. OHFA was created by an Executive Order by Governor of Oklahoma
David L. Boren
in 1975. OHFA is a public trust
with the State of Oklahoma as the beneficiary. The Trust was established to better the housing stock and the housing conditions in the State of Oklahoma and administers the Section 8 housing program
for the State.
While it is affiliated with the State of Oklahoma, OHFA does not operate using legislative funds.
. Under Governor of Oklahoma
Mary Fallin
, Dave Lopez
is serving as the Cabinet Secretary. Day to day operations of the Agency are under the direction of the OHFA Executive Director. Dennis Shockley is currently serving as the Executive Director, having served in the postition since 1997.
. The five members serve staggered five year terms. The Governor also appoints one additional member to the Board who is a resident of public housing.
As of May 2011, the Board of Trustees is as follows:
The Board of Trustees appoints an Exeuctive Director to run OHFA. The current Executive Director is Dennis Shockley, who has served in that position since 1997.
lenders to provide 30-year fixed-rate loan
s through OHFA Advantage (state bond money) at below market rates. The most popular type of loan offers down payment and closing cost assistance. OHFA also offers new construction loans. Housing Development programs such as Affordable Housing Tax credit
s and the HOME Investment Partnerships program help non-profits and communities to build and revitalize affordable housing.
OHFA administers the Housing Choice Voucher program for low-income individuals and families in need of assistance in paying rent.
Non-profit organization
Nonprofit organization is neither a legal nor technical definition but generally refers to an organization that uses surplus revenues to achieve its goals, rather than distributing them as profit or dividends...
which serves the people of Oklahoma
Oklahoma
Oklahoma is a state located in the South Central region of the United States of America. With an estimated 3,751,351 residents as of the 2010 census and a land area of 68,667 square miles , Oklahoma is the 28th most populous and 20th-largest state...
by offering affordable housing resources, including loans and rent assistance. OHFA was created by an Executive Order by Governor of Oklahoma
Governor of Oklahoma
The governor of the state of Oklahoma is the head of state for the state of Oklahoma, United States. Under the Oklahoma Constitution, the governor is also the head of government, serving as the chief executive of the Oklahoma executive branch, of the government of Oklahoma...
David L. Boren
David L. Boren
David Lyle Boren is an academic leader and American politician from the state of Oklahoma. A Democrat, he served as the 21st Governor of Oklahoma from 1975 to 1979 and in the United States Senate from 1979 to 1994. He is currently president of the University of Oklahoma. He was the longest serving...
in 1975. OHFA is a public trust
Charitable trust
A charitable trust is an irrevocable trust established for charitable purposes, and is a more specific term than "charitable organization".-United States:...
with the State of Oklahoma as the beneficiary. The Trust was established to better the housing stock and the housing conditions in the State of Oklahoma and administers the Section 8 housing program
Section 8 (housing)
Section 8 of the United States Housing Act of 1937 , as repeatedly amended, authorizes the payment of rental housing assistance to private landlords on behalf of approximately 3.1 million low-income households...
for the State.
While it is affiliated with the State of Oklahoma, OHFA does not operate using legislative funds.
Leadership
The Housing Finance Agency is overseen by the Secretary of Commerce and TourismOklahoma Secretary of Commerce and Tourism
The Oklahoma Secretary of Commerce and Tourism is a member of the Oklahoma Governor's Cabinet. The Secretary is appointed by the Governor, with the consent of the Oklahoma Senate, to serve at the pleasure of the Governor...
. Under Governor of Oklahoma
Governor of Oklahoma
The governor of the state of Oklahoma is the head of state for the state of Oklahoma, United States. Under the Oklahoma Constitution, the governor is also the head of government, serving as the chief executive of the Oklahoma executive branch, of the government of Oklahoma...
Mary Fallin
Mary Fallin
Mary Fallin is the 27th and current Governor of the U.S. state of Oklahoma. She was a U.S. Representative for from 2007 until 2011....
, Dave Lopez
Dave Lopez
Dave Lopez is an American telecommunications executive who is currently the Oklahoma Secretary of Commerce and Tourism under Governor of Oklahoma Mary Fallin. Governor Fallin named Lopez as Secretary on January 27, 2011.-Biography:...
is serving as the Cabinet Secretary. Day to day operations of the Agency are under the direction of the OHFA Executive Director. Dennis Shockley is currently serving as the Executive Director, having served in the postition since 1997.
Board of trustees
OHFA is governed by a five member Board of Trustees appointed by the Governor of OklahomaGovernor of Oklahoma
The governor of the state of Oklahoma is the head of state for the state of Oklahoma, United States. Under the Oklahoma Constitution, the governor is also the head of government, serving as the chief executive of the Oklahoma executive branch, of the government of Oklahoma...
. The five members serve staggered five year terms. The Governor also appoints one additional member to the Board who is a resident of public housing.
As of May 2011, the Board of Trustees is as follows:
| Office | Incumbent |
|---|---|
| Chairman | Richard Lillard |
| Vice Chairman | Joe Shockley |
| Secretary-Treasurer | Steve Ganzkow |
| Trustee | Debbie Blackburn |
| Trustee | Charles P. Rainbolt |
| Resident Member | Erma Williams |
The Board of Trustees appoints an Exeuctive Director to run OHFA. The current Executive Director is Dennis Shockley, who has served in that position since 1997.
History
OHFA started with 12 district field agents hired to implement the Rental Assistance program. OHFA has since grown to a multi-million-dollar agency with over 100 employees administering nine housing programs. From the manual days of processing paperwork to automated computer days, OHFA has grown from helping 3,500 families annually to helping over 25,000 with 11 different housing programs in recent years.Functions
Through the OHFA Advantage program, OHFA works with participating mortgageMortgage loan
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...
lenders to provide 30-year fixed-rate loan
Loan
A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower....
s through OHFA Advantage (state bond money) at below market rates. The most popular type of loan offers down payment and closing cost assistance. OHFA also offers new construction loans. Housing Development programs such as Affordable Housing Tax credit
Tax credit
A tax credit is a sum deducted from the total amount a taxpayer owes to the state. A tax credit may be granted for various types of taxes, such as an income tax, property tax, or VAT. It may be granted in recognition of taxes already paid, as a subsidy, or to encourage investment or other behaviors...
s and the HOME Investment Partnerships program help non-profits and communities to build and revitalize affordable housing.
OHFA administers the Housing Choice Voucher program for low-income individuals and families in need of assistance in paying rent.
Organization
- OHFA Board
- Executive Director
- Administration Division - responsible for providing central administrative services to the Agency
- Rental Assistance Division - responsible for administering OHFA's statewide Section 8 Rental Assistance Program, which provides assistance to low-income families
- Finance Division - responsible for overseeing all Agency financials and audits
- Housing Development Division - responsible for implementing the Housing Tax Credits Program, HOME Program, Housing Trust Fund, OHFA Advantage bond program, Rural Linked Deposit and Performance Based Contract Administration
- Executive Director