The Oklahoma Affordable Housing Act (H.B. 3099) recently passed the Oklahoma State House of Representatives by a margin of 75-13, and has now moved to the Senate Finance Committee for consideration. This measure would match the amount of federal Low-Income Housing Tax Credits (LIHTCs) awarded for a qualified project and would be administered by Oklahoma Housing Finance Agency. The state LIHTCs would supplement the federal LIHTCs by raising capital to reduce the rents on workforce housing. In addition, H.B. 3099 would allow for a five year carry forward period for any credits claimed but not used. Owners will be required to submit eligibility statements to the Oklahoma Housing Finance Agency for each project. The act would become effective on January 1, 2015 and sponsors include Representatives Mike Jackson (R — District 40) and Bryce Marlatt (R — District 27).

Click here to read H.B. 3099.