Okla. Stat. tit. 62, § 62-91.2
This is the official text of Okla. Stat. tit. 62, § 62-91.2, part of Oklahoma’s Stat. tit. 62, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 62,." Browse the sections below, each linked to its official government source.
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Purpose
Official statutory text
A. Oklahoma's rural areas suffer from a lack of interim
financing for builder-developers of housing in rural areas,
inadequate profit incentives for builder-developers, economy of
scale problems which work against economics of developing projects
consistent with local market needs, and lack of available interim
financing from local lenders to fund land acquisition, site
development, or construction of housing in rural areas.
B. It is the purpose of the Oklahoma Rural and Affordable
Housing Linked Deposit Act to provide funding for eligible rural
housing developers to build affordable housing in rural Oklahoma.
Oklahoma Statutes - Title 62. Public Finance Page 324
It is the specific intent of the Legislature that any funding
provided to eligible rural housing developers for the purpose of
building affordable rural housing shall assist in the development of
Oklahoma's rural areas in order to broaden Oklahoma's economic base.
C. The Oklahoma Rural and Affordable Housing Linked Deposit Act
will meet rural housing needs by creating a revolving capacity of no
more than Twenty-five Million Dollars ($25,000,000.00) to enable
eligible rural housing developers to finance land acquisition, site
development, rehabilitation, and construction of single-family or
multifamily housing units in rural areas. For purposes of
determining whether this twenty-five-million-dollar maximum is met,
the State Treasurer shall consider amounts approved for link deposit
participation, whether or not a borrower has actually used the
entire amount approved.
financing for builder-developers of housing in rural areas,
inadequate profit incentives for builder-developers, economy of
scale problems which work against economics of developing projects
consistent with local market needs, and lack of available interim
financing from local lenders to fund land acquisition, site
development, or construction of housing in rural areas.
B. It is the purpose of the Oklahoma Rural and Affordable
Housing Linked Deposit Act to provide funding for eligible rural
housing developers to build affordable housing in rural Oklahoma.
Oklahoma Statutes - Title 62. Public Finance Page 324
It is the specific intent of the Legislature that any funding
provided to eligible rural housing developers for the purpose of
building affordable rural housing shall assist in the development of
Oklahoma's rural areas in order to broaden Oklahoma's economic base.
C. The Oklahoma Rural and Affordable Housing Linked Deposit Act
will meet rural housing needs by creating a revolving capacity of no
more than Twenty-five Million Dollars ($25,000,000.00) to enable
eligible rural housing developers to finance land acquisition, site
development, rehabilitation, and construction of single-family or
multifamily housing units in rural areas. For purposes of
determining whether this twenty-five-million-dollar maximum is met,
the State Treasurer shall consider amounts approved for link deposit
participation, whether or not a borrower has actually used the
entire amount approved.
Status: in_force · Read it on the official government site
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