{"data":{"id":"us-ok/okla.-stat.-tit.-63-63-1062","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 63, § 63-1062","heading":"Operation of housing not for profit","body":"It is hereby declared to be the policy of this state to\n\naccomplish the charitable and public purposes of this act that each\n\nauthority shall manage and operate its housing projects in an\n\nefficient manner so as to enable it to fix the rentals or payments\n\nfor dwelling accommodations at low rates consistent with its\n\nproviding decent, safe and sanitary dwelling accommodations for\n\npersons of low income and that no authority shall construct or\n\noperate any housing project for profit, or as a source of revenue to\n\nthe city or county. To this end an authority shall fix the rentals\n\nor payments for dwellings in its projects at no higher rates than it\n\nshall find to be necessary in order to produce revenues which,\n\ntogether with all other available monies, revenues, income and\n\nreceipts of the authority from whatever sources derived, including\n\nFederal financial assistance necessary to maintain the low-rent\n\ncharacter of the project, will be sufficient:\n\n(a) to pay, as the same become due, the principal and interest\n\non the bonds of the authority;\n\n(b) to create and maintain such reserves as may be required to\n\nassure the payment of principal and interest as it becomes due on\n\nits bonds;\n\n(c) to meet the cost of, and to provide for, maintaining and\n\noperating the projects, including necessary reserves therefor and\n\nthe cost of any insurance, and the administrative expenses of the\n\nauthority; and\n\n(d) to make such payments in lieu of taxes and, after payment in\n\nfull of all obligations for which federal annual contributions are\n\npledged, to make such repayments of federal and local contributions\n\nas it determines are consistent with the maintenance of the low-rent\n\ncharacter of projects.\n\nRentals or payments for dwellings shall be established and the\n\nprojects administered, insofar as possible, so as to assure that any\n\nfederal financial assistance required shall be strictly limited to\n\namounts and periods necessary to maintain the low-rent character of\n\nthe projects. Nothing herein shall be construed to limit the amount\n\nan authority may charge for nondwelling facilities. All such\n\nincome, together with other income and revenue, shall be used in the\n\noperation of the projects to aid in accomplishing the charitable and\n\npublic purposes of this act.","path":["OK Code","Title 63"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os63.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"4f78a2d05ffe8094b3f764777d7509e316060644d2a888869b6643bc0c2a4a32","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-63-63-1061","next":"us-ok/okla.-stat.-tit.-63-63-1063"},"notice":"GroundRules: Original legal text. Not legal advice."}