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Board approves 50-basis-point cut to county upfront down-payment contribution
Summary
At a county meeting members voted to reduce the county's upfront contribution to its turnkey down-payment assistance program by 50 basis points, and discussed outsourcing parts of program administration to Neighborhood Housing Services on a trial basis.
A majority of members at the meeting voted to reduce the county's upfront contribution to the turnkey down-payment assistance (DPA) program by 50 basis points.
The motion, presented as a reduction to the county contribution (not a change to lender compensation), clarified that the county currently contributes 300 (units not specified in the agenda) toward the upfront assistance and that the change would reduce that amount by 50 basis points. The motion was seconded and approved by voice vote; a numerical roll-call tally was not specified in the meeting record.
The reduction was debated alongside a proposal to give Neighborhood Housing Services a greater administrative role. Katrina, representing Neighborhood Housing Services, described how her organization would administer DPA funds and perform full-cycle loan servicing, including entering DPA on e-housing, verifying lender documents and coordinating wires to title companies. "We wire the DPA so it's directly there," Katrina said, describing the wired funding process and the role of Bank of Oklahoma staff in finalizing wires.
Board members discussed trialing third-party administration or using Neighborhood Housing Services as a backup while staff confirm systems access (US Bank/e-housing/OCFA). Katrina said her organization charges roughly $425 per closed file for administering funds and has multiple HUD-certified counselors and back-office staff to maintain turn times. Members agreed to review the written proposal and have staff coordinate with Katrina's team before any permanent change.
The board emphasized that the 50-basis-point reduction would not create negative cash flow for the county and that, by the staff's estimate, the savings would more than cover the third-party cost. Specific fiscal modeling presented at the meeting was not attached to the record; members asked staff to circulate the proposal and onboarding steps in advance of the next meeting.
Next steps: staff will work with Neighborhood Housing Services to confirm systems access and onboarding procedures and will return with more information at the next scheduled meeting. The vote was recorded as passed by voice; the meeting transcript did not include a roll-call tally.
