The Oklahoma Housing Finance Agency will escort U.S. Sixth District Congressman Frank Lucas on a tour of two housing developments that have received federal housing tax credits. The caps have remained unchanged since the original authorization of this program in 1986 while population growth has totaled about 5 percent. Housing tax credits revitalize neighborhoods, create safe places for children to play and provide affordable housing for Oklahomans. A federal incentive program, tax credits are offered to private developers to encourage construction or rehabilitation of apartment complexes and single family homes.
Developers use tax credits to lower construction costs and pass the savings onto residents.
Tax credits can be claimed for ten years.