July 14, 2010
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Oklahoma Housing Finance Agency


OKLAHOMA CITY – The U.S. Dept. of Housing and Urban Development ranks Oklahoma Housing Finance Agency fourth in the nation among Public Housing Agencies for the total number of individuals it has helped transition from its Section 8 Rental Assistance Program to its Section 8 Homeownership Program since the start of its program. 
 
Since the Homeownership Program’s inception in 2002, 234 Oklahoma families have achieved their dream of homeownership. To qualify, participants must address any credit issues and attend a homebuyer education class. An OHFA staff member works closely with each individual every step of the way through the home buying process.  
 
“Many families feel a certain amount of anxiety and fear when purchasing their first home,” said OHFA Homeownership/FSS Specialist Ryland Moore. “We assure the family we can assist them through the process from start to finish. They especially feel a great deal of relief when they realize we will attend their closing with them and provide ongoing information and service following the closing.”
 
This year, a $200,000 grant from the U.S. Dept. of Housing and Urban Development provided the financial resources for OHFA to hire a third full-time employee to work in the Homeownership Program and Family Self Sufficiency Program. OHFA employee of 10 years, Sheila Rainger, was selected for the new position.
 
“We predict we can help an additional 150 people in our Homeownership and Family Self Sufficiency Programs in the next year,” said OHFA Rental Assistance Program Director Deborah Jenkins. “I’m hoping next year we can increase our homeownership national ranking to second or third and beat out big cities like Chicago and Philadelphia.” 
 
The FSS Program gives Rental Assistance Program participants support and a monetary incentive to become financially independent of government assistance within five years. As their earned income increases and OHFA pays a smaller portion of their rent, OHFA places the money it saves into an escrow account. When participants complete the program, OHFA rewards them with a check for the total amount in their account. 
 
FSS graduates have earned nearly $1 million dollars from the program since 1992. The money is often used to buy a first home, pay off debts or purchase reliable work transportation. The largest amount earned so far by an individual is $17,694.  
 
Individuals must already be enrolled in OHFA’s Section 8 Rental Assistance Program to participate in either the Homeownership or FSS Programs. 
 
With its additional resources, OHFA will specifically target rural customers to enroll in both programs through increased marketing, community meetings and one-on-one sessions.
 
“We want to ensure families living in rural communities have access to programs that will enable them to reach their full economic potential,” Jenkins said. 
 
As Oklahoma’s largest provider of affordable housing, OHFA offers nine housing programs ranging from “OHFA Advantage” for home ownership to housing development and rental assistance. For more information about OHFA and its programs and services, visit www.ohfa.org.
 
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