TULSA, Okla. — The Oklahoma Housing Finance Agency said they haven't received a federally required annual audit from the Tulsa Housing Authority since fiscal year 2020.
Per their website, OHFA offers housing assistance to low and moderate income families in all 77 Oklahoma counties. They work with nonprofits, developers and municipalities to bring support housing projects statewide.
One of those nonprofits being THA.
OHFA has partnered and supported THA over the years through projects including River West, Pioneer Plaza and 36N properties.
The Oklahoma Housing Finance Agency (OHFA) is responsible for allocating millions of dollars in funding to support the development of affordable housing across the state. As part of this stewardship, OHFA must verify the financial stability of applicant entities and review their compliance with federal rules prior to awarding funds.
The Uniform Guidance (2 CFR Part 200, Subpart F), which serves as the implementing regulation for the Single Audit Act, requires certain public housing agencies, including the Tulsa Housing Authority, to undergo an independent single audit each year. OHFA has concerns that the Tulsa Housing Authority has failed to complete and submit these federally required annual audits since fiscal year 2020.
OHFA remains committed to working collaboratively with all partners, including the Tulsa Housing Authority, to ensure full compliance with federal requirements and to advance safe, quality affordable housing for Oklahomans.
In a statement shared by THA, CEO Aaron Darden referenced a recent interaction with OHFA, and said they're grateful the OHFA Board of Trustees overturned a recommendation to deny a tax credit for their 36N developement.
THA said OHFA attempted to deny the application for a tax credit because of their late audits, but said that that shouldn't have been a part of their decision making.
THA is grateful to the OHFA Board of Trustees for overturning OHFA staff’s recommendation of denial and approving our applications for tax credits to further the historic 36N project, a $210 million+ investment in mixed-income housing in North Tulsa. In doing so, the OHFA board affirmed THA’s understanding of the Qualified Allocation Plan (QAP), and the required threshold items that must be met for a successful application.
While we appreciate OHFA staff’s concerns related to THA’s audits, financial audits are not required by any applicants under OHFA’s own QAP regulations. Progress is being made, with substantial additional investments including increased staff capacity and third-party vendor support, to bring audits up to date. The fact remains that audits are not and have not been a requirement of OHFA’s LIHTC application review. All THA financial audits will be completed in 2026.
OHFA has been a tremendous partner of THA, awarding THA 15 tax credit allocations since 2018, based on our proven ability to bring affordable and mixed-income housing to Tulsa to meet our city’s critical need. THA will continue its mission of creating a better Tulsa by transforming lives and communities – including more than $477 million in housing development since 2018 – alongside OHFA and our many trusted partners.
Darden said since 2018, OHFA has awarded THA 15 tax credits which has helped them bring affordable housing to Tulsans.
Darden became President and CEO of THA in 2017.
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