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 in 1975 when Governor of Oklahoma David L. Boren approved the agency's first trust indenture. 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.
Video Oklahoma Housing Finance Agency
Leadership
The Housing Finance Agency is overseen by a 5-member Board of Trustees as appointed by the Governor of Oklahoma on staggering terms. 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 position since 1997.
Maps Oklahoma Housing Finance Agency
Board of trustees
OHFA is governed by a five-member Board of Trustees appointed by the Governor 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:
The Board of Trustees appoints an Executive 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 multimillion-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 mortgage lenders to provide 30-year fixed-rate loans 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 credits 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.
Budget
OHFA has annual revenues over $180 million. The vast majority (63%) of OHFA revenue derives from federal funding from the United States Department of Housing and Urban Development. The other major revenues come from OHFA program loans (25%) and program fees (6%). The remainder comes from miscellaneous sources.
Expenditures are divided between interests on outstanding bonds (22%), the administration of OHFA (6%), and expenses related to federal programs administered by OHFA (69%). The remaining is associated with other program expenses.
Organization
- OHFA Board
- Executive Director
- Administration Team - responsible for providing central administrative services to the Agency
- Rental Assistance Team - responsible for administering OHFA's statewide Section 8 Rental Assistance Program, which provides assistance to low-income families
- Finance Team - responsible for overseeing all Agency financials and audits
- Housing Development Team - 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
- Information Technology Team - responsible for the technological support of the Agency
- Executive Director
Awards
OHFA has been recognized with an Oklahoma Quality Award and is a member of the National Conference of State Housing Agencies.
References
External links
- Oklahoma Housing Finance Agency official website
- National Council of State Housing Agencies website
- State of Oklahoma official website
Source of article : Wikipedia
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