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Real estate broker replaces long-serving member of OK County Home Finance Authority

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  Published in Business and Finance on Tuesday, November 4th 2025 at 7:17 GMT by The Oklahoman
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Down‑Payment Assistance Expands as New Real‑Estate Broker Joins Oklahoma County Home Finance Authority

Published: November 4, 2025 – The Oklahoman

In a move that signals a renewed commitment to affordable homeownership in the Tulsa‑Oklahoma City corridor, the Oklahoma County Home Finance Authority (OCHFA) announced today the appointment of seasoned real‑estate broker Michael E. Harris to its board of directors. Harris, who has spent 18 years representing buyers and sellers across Oklahoma County, will bring a fresh perspective on market trends and consumer needs to the authority that has been a linchpin in the state’s effort to help families get behind a house.

A Board with a Mission

The OCHFA is a state‑funded nonprofit entity that administers several down‑payment assistance programs designed to help first‑time and low‑ to moderate‑income homebuyers. With an average annual budget of $12 million, the authority disburses more than $80 million in grant and forgivable‑loan assistance to qualifying families. The new board member’s appointment follows a vote by the Oklahoma County Commissioners, who noted that Harris’s background in community development and his longstanding partnership with local non‑profits align with the authority’s strategic goals.

“We’re thrilled to welcome Michael to the board,” said OCHFA Executive Director Angela Phelps. “His experience negotiating deals for families in our county gives him a unique lens on how we can refine our programs to meet the needs of homebuyers who are often overlooked by traditional lenders.”

Why Down‑Payment Assistance Matters

In recent years, the median home price in Oklahoma County has risen by 12 % since 2019, while the median household income has lagged behind, creating a widening affordability gap. According to the U.S. Census Bureau, about 30 % of county residents earn under $50,000 per year, yet the county’s median rent remains near $900, making it difficult for many to accumulate a sufficient down payment.

The OCHFA’s flagship program, the Homeownership Opportunity Program (HOP), offers down‑payment assistance of up to $25 000 for buyers whose household income does not exceed 80 % of the area’s median. In addition, the authority provides a forgivable‑loan option that does not accrue interest and is fully forgiven after 10 years if the homeowner remains in the property.

The authority also runs the First‑Time Homebuyer Program (FTHB), which offers up to $15 000 in assistance for those purchasing a home for the first time. Both programs require applicants to complete a 12‑hour homebuyer education course.

“Down‑payment assistance programs are a proven tool for increasing homeownership rates,” explained Phelps. “By reducing the upfront cost barrier, we give families the chance to build equity and stability in a community that’s growing fast.”

A Fresh Approach to Outreach

Harris, who previously served as senior buyer‑agent for Keller Williams Oklahoma City, has been an advocate for inclusive housing initiatives. His appointment is expected to strengthen outreach efforts in historically underserved neighborhoods such as South Park, Midtown, and the rapidly developing West‑side.

“We need to connect with the people who want to own homes but don’t know where to start,” Harris said in a statement. “My focus will be on partnering with local schools, churches, and civic groups to demystify the buying process and ensure that assistance reaches those who need it most.”

The authority has already begun a pilot program in partnership with the Tulsa Housing Authority to offer a “Home‑Start” package, bundling down‑payment assistance with credit‑repair services and mortgage counseling. Harris will chair a newly created sub‑committee tasked with expanding this pilot to cover the entire county.

Legislative and Funding Context

The OCHFA’s operations are supported by a mix of federal, state, and private sources. Since its inception in 1995, the authority has leveraged a federal tax credit program that allows investors to offset property taxes in exchange for providing financing to eligible buyers. Additionally, the state legislature allocated $2 million in 2024 for a “Housing Affordability Fund” that the authority can use to increase the size of assistance grants.

The OCHFA’s funding model has allowed it to remain self‑sufficient; the authority reports a 90 % operating efficiency, meaning nearly all of its operating budget is directed toward grant and loan disbursement rather than overhead costs. This efficiency has earned the authority recognition from the Oklahoma Housing Finance Authority as a best‑practice model in public housing finance.

Looking Ahead

With Michael Harris on board, the OCHFA plans to roll out a new “Digital Home‑Buyers’ Toolkit” that will streamline the application process, provide real‑time eligibility checks, and offer virtual counseling sessions. The toolkit, slated for launch early 2026, will be available on the OCHFA website (https://www.oklahoma.gov/ochfa) and through local community centers.

The authority also intends to expand its partnership with the Oklahoma State Department of Education to incorporate homeownership education into the high‑school curriculum. “Teaching financial literacy and homeownership fundamentals in schools is a powerful way to prepare the next generation,” said Harris.

Community Reaction

Local community leaders have lauded the appointment. “This is a win for Oklahoma County,” said Representative Lila Davis of the county’s 12th district. “Michael’s track record shows he understands the challenges families face when trying to purchase a home. His expertise will help us fine‑tune our outreach and close more doors for homeowners.”

For residents eager to learn more about the OCHFA’s programs, the authority’s website offers a wealth of resources, including eligibility calculators, application forms, and a FAQ section that addresses common concerns about down‑payment assistance.

As the county continues to grow, the addition of Michael Harris to the Oklahoma County Home Finance Authority board signals a bold step toward ensuring that homeownership remains a realistic goal for more Oklahoman families.