Okla. Stat. tit. 62, § 62-91.2: Purpose

A. Oklahoma's rural areas suffer from a lack of interim

financing for builder-developers of housing in rural areas,

inadequate profit incentives for builder-developers, economy of

scale problems which work against economics of developing projects

consistent with local market needs, and lack of available interim

financing from local lenders to fund land acquisition, site

development, or construction of housing in rural areas.

B. It is the purpose of the Oklahoma Rural and Affordable

Housing Linked Deposit Act to provide funding for eligible rural

housing developers to build affordable housing in rural Oklahoma.

It is the specific intent of the Legislature that any funding

provided to eligible rural housing developers for the purpose of

building affordable rural housing shall assist in the development of

Oklahoma's rural areas in order to broaden Oklahoma's economic base.

C. The Oklahoma Rural and Affordable Housing Linked Deposit Act

will meet rural housing needs by creating a revolving capacity of no

more than Twenty-five Million Dollars ($25,000,000.00) to enable

eligible rural housing developers to finance land acquisition, site

development, rehabilitation, and construction of single-family or

multifamily housing units in rural areas. For purposes of

determining whether this twenty-five-million-dollar maximum is met,

the State Treasurer shall consider amounts approved for link deposit

participation, whether or not a borrower has actually used the

entire amount approved.