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Housing authority approves MOU to support 412-unit "The Shane" project and related sales-tax passthrough resolutions
Summary
Trustees approved two resolutions enabling the authority to act as local partner on tax-exemption passthroughs to support a 412-unit affordable development called The Shane; the agreement includes a $100,000 development assistance fee at closing, annual payments and a residual share on sale.
The Oklahoma County Housing Finance trustees voted July 8 to approve resolutions authorizing a memorandum of understanding and sales-tax passthrough arrangements to support a 412-unit multifamily affordable housing project known as "The Shane." Staff described the authority's role as a local operating partner to facilitate tax-exemption purchasing and project administration.
The Executive Director said the authority will receive a development assistance fee of $100,000 at closing and annual payments of $20,000 per year once the project is in service, with those annual payments increasing by at least 3% annually. "We're gonna receive a development assistance fee in the amount of $100,000 within 10 days of the closing," he told trustees, and staff noted the authority would also receive 2.5% of residual net proceeds if the property is sold.
Staff said the project must meet low-income housing requirements common to low-income housing tax-credit deals: either 20% of units at 50% of area median income (AMI) or 40% at 60% of AMI, and that the developer had committed to maintain affordability for at least 25 years. Trustees asked about developer oversight, deed restrictions, and the process used by housing finance agencies to lock in rent schedules; staff said deed restrictions and tax-credit investor protections provide enforceable affordability controls and that the project will go through OHFA and tax-credit allocation processes.
Commissioners also discussed the authority's administrative workload and fee expectations; staff estimated an administrative fee in the $200,000 to $250,000 range per project and described review and invoice-approval workflows and limited site-inspection oversight similar to prior passthrough projects.
Trustees moved and approved two related resolutions (listed as 2026-2965 and 2026-2966 in meeting materials) authorizing the passthrough process; staff said both items will also go to the Board of County Commissioners for concurrence. The board's action authorizes the authority to execute the MOU and to operate as the local partner for the project as described.
