Housing (Housing Finance)

SB 262 creates the Oklahoma Rental Assistance Grant Program to provide rental subsidies to Oklahomans evicted due to the COVID-19 pandemic. Administered by the Oklahoma Housing Finance Agency, the program will be funded through a new revolving fund in the state treasury using legislative appropriations, federal funds, and private donations. The revolving fund operates continuously without fiscal year limits, allowing the agency to use these resources for eligible rental assistance. The program becomes effective July 1, 2025.

HB 2099 creates the Oklahoma Affordable Housing Commission to address housing needs for low- and moderate-income Oklahomans, defined by HUD income categories (e.g., "extremely low income" = ≤30% area median income). The bill establishes a dedicated state revolving fund in the Treasury, administered by the Commission, to finance housing initiatives. Key provisions require the Commission to develop annual plans, conduct housing needs assessments, and seek legislative approval for rules before spending funds - starting no earlier than July 1, 2025. The Commission’s 16-member structure includes legislative leaders, tribal housing representatives, community organizations, and housing agencies to guide funding toward affordable housing solutions.

SB 923 modifies Oklahoma's Affordable Housing Tax Credit program by increasing the annual credit cap to $15 million for 2026-2030 (from $4 million previously) and requiring new projects placed in service after January 1, 2026, to qualify as "workforce housing" (housing for households earning 60-120% of local median income). It makes the tax credit nonrefundable (cannot reduce tax below zero), ties Oklahoma credits to federal low-income housing credit recapture rules, and mandates eligibility statements from the Oklahoma Housing Finance Agency. The bill directly affects developers of qualifying affordable housing projects who seek to claim these tax credits, effective January 1, 2026.

HB 2410 increases Oklahoma's annual cap for affordable housing tax credits from $4 million to $10 million per year through December 2029, then reverts to $4 million annually after 2029. It directly affects developers of qualifying affordable housing projects and investors who claim tax credits for these projects. The bill ties Oklahoma's tax credits to federal low-income housing credits, limits credits to projects placed in service after July 2015, and requires eligibility statements from the Oklahoma Housing Finance Agency to claim credits. Credits cannot reduce tax liability below zero and must be claimed with tax returns, with unused credits carryable forward for two years.