Economic & Social Impact of the HOME Program Across Oklahoma

Economic & Social Impact of the HOME Program Across Oklahoma

Introduction: Strengthening Communities Through Affordable Housing

For more than three decades, the HOME Investment Partnerships Program (HOME) has played a vital role in strengthening communities across Oklahoma by expanding access to safe, affordable housing. As the only federal program designed exclusively to provide flexible housing funding directly to states and localities, HOME has delivered measurable economic and social benefits that extend well beyond housing itself.

Driving Economic Growth and Investment

Nationally, HOME has invested over $40.1 billion to build and preserve more than 1.39 million affordable homes and provide rental assistance to more than 404,000 families. This investment has supported approximately 2.1 million jobs and generated $140 billion in local economic activity.

HOME funding serves as a critical catalyst for additional investment. For every $1 of HOME funding, more than $4.59 in other public and private resources is leveraged. This multiplier effect significantly amplifies the program’s economic footprint, driving construction activity, supporting local businesses, and strengthening tax bases across communities.

HOME ensures that critical housing developments move forward—especially in underserved and rural areas where financing can be more difficult to secure.

Expanding Housing Access and Stability

Beyond its economic contributions, HOME delivers significant social benefits by increasing access to affordable housing for Oklahoma’s vulnerable populations. By design, the program benefits low-income households, while also supporting seniors, individuals with disabilities, veterans, families with children, and individuals experiencing homelessness.

HOME funds are used across a wide range of activities, including new construction and rehabilitation of rental housing, homebuyer assistance programs, and tenant-based rental assistance. They are also restricted to 80% AMI (area median income), which varies by household size and county but ranges from around $30,000-$70,000 annually.

By increasing housing stability, HOME contributes to improved outcomes in health, education, and workforce participation. Stable housing reduces the risk of homelessness, allows children to perform better in school, and enables families to pursue employment opportunities with greater consistency. These ripple effects strengthen communities and reduce long-term public costs associated with housing insecurity.

Supporting Community Development and Resilience

HOME’s locally driven structure empowers state and local governments to respond to evolving housing challenges. In Oklahoma, this flexibility is particularly important given the diversity of housing needs—from growing metropolitan areas to rural communities facing limited housing supply.

The program also complements broader housing initiatives including efforts to expand homeownership, increase rental housing supply, and address homelessness. Together, these programs create a coordinated system of support that enhances community resilience and economic mobility.

HOME helps communities attract and retain employers, support population growth, and maintain overall economic competitiveness. Housing availability is a key factor in workforce development, and HOME ensures that communities can meet the needs of both residents and employers.

A Proven and Essential Resource

HOME’s long-standing track record proves it works—both as a powerful economic engine and a critical safety net for Oklahoma communities. But right now, that impact is stalled. For HOME to remain effective, the program must be unfrozen and moved forward in a way that is feasible, predictable, and responsive to the stakeholders who rely on it. Developers, nonprofits, and local partners are ready to build, but they need clarity and access to these funds to do so.

Every delay risks more than just missed opportunities—it raises the very real possibility that OHFA could be forced to return unused federal dollars back to HUD under a “use it or lose it” reality. At a time when housing resources are already scarce, that’s a risk the state cannot afford. The path forward is clear: unfreeze the program, listen to stakeholders, and get these dollars flowing again so housing can be built, jobs can be supported, and communities across Oklahoma can benefit.

Long-Term Impact on Oklahoma’s Housing Future

HOME’s long-standing track record demonstrates its effectiveness as both an economic engine and a social safety net. Its ability to leverage significant additional investment, create jobs, and expand access to housing makes it an impactful federal housing programs available to Oklahoma. The HOME program is vital to the development and sustainability of affordable housing.

As housing affordability challenges continue to affect communities across the state, the importance of HOME remains clear. By supporting the development and preservation of affordable housing, the program not only improves individual lives but also strengthens Oklahoma’s economy and communities as a whole.

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