Oklahoma Legislature Advances Creation of State LIHTC

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 awarded for a qualified project and would be administered by the Oklahoma Housing Finance Agency.

H.B. 3099 would allow for a five-year carry-forward period for any credits claimed but not used. Owners in Oklahoma would be required to submit eligibility statements to the Oklahoma Housing Finance Agency for each project. The act would become effective on Jan. 1, 2015.