Housing Finance Agency Authorizes Advertisments

Article excerpt

Advertising and promotional expenditures not to exceed $10,000 were approved by the Oklahoma Housing Finance Agency board of trustees Thursday in an effort to encourage more Oklahoma families to apply for the remainder of a $195.4 million single family mortgage revenue bond program.

The deadline for the 1984A series bond program is Oct. 31, 1985. However, because the normal time it takes between the filing of a loan application and the approval of the mortgage loan is usually eight weeks, those interested in the program are being encouraged to submit applications no later than the end of this August.

"We feel this is an excellent investment of funds by the agency," Gary Longaker, executive director of the housing finance agency, said. "There are now somewhere between $20 (million) and $25 million that has not been taken. We feel that by expenditure of up to $10,000 that will greatly enhance the opportunity of placing that $20 million - $25 million, and we would more than make up the $10,000 from that investment."

Loan money allocated since the program began has averaged approximately $17 million a month. However, loan activity has declined somewhat in the past couple of months.

Less than $7 million in loan money has been appropriated since July 1, Mary Jo Szkodzinski, housing management officer for the agency, told the trustees Thursday.

According to Tim Martin, comptroller for the agency, an advertising campaign has been developed to get the word out to the public via the news media. A news release was submitted to newspapers, television and radio stations across the state earlier this week.

In addition, a paid newspaper advertisment will soon be placed in all newspapers across the state, which Martin estimates would cost $8,500 - a cost of approximately $37 to $38 per newspaper. …