Oklahoma 2024 Regular Session

Oklahoma Senate Bill SB1761

Introduced
2/5/24  
Refer
2/6/24  
Report Pass
2/6/24  
Refer
2/6/24  
Report Pass
2/28/24  
Engrossed
3/13/24  
Refer
3/25/24  

Caption

Oklahoma Housing Finance Agency; authorizing creation of Rent Guarantee Program; establishing qualifications for eligibility for program; creating the Rent Guarantee Program Fund. Effective date.

Impact

The introduction of SB1761 is expected to significantly influence state housing laws by establishing clear guidelines and funding mechanisms for the Rent Guarantee Program. It mandates OHFA to implement the initiative and sets specific financial limits for assistance provided to landlords, capping it at $2,000 per tenant and $5,000 per landlord. This structured approach ensures accountability in disbursing funds while aiming to maintain housing stability for low-income renters. The program also requires landlords to meet eligibility criteria and submit reports to verify claims before financial support is issued.

Summary

SB1761 establishes the Rent Guarantee Program under the Oklahoma Housing Finance Agency (OHFA), designed to provide financial support to landlords renting to low-income households. The program aims to incentivize landlords by guaranteeing payments for unpaid rent and covering eviction and property damage costs associated with tenants from low-income backgrounds. These eligible tenants include individuals facing barriers to housing, such as poor credit histories or previous evictions, thus addressing the challenges they encounter in securing housing. Additionally, the bill creates the Rent Guarantee Program Fund to facilitate these financial operations.

Sentiment

The sentiment surrounding SB1761 appears positive among proponents who view it as a necessary measure to bolster support for low-income tenants and landlords, thus enhancing housing stability in Oklahoma. Advocates argue that it addresses critical housing access issues and supports community development by fostering a rental market that is more inclusive. However, some may express concerns regarding the adequacy of funding, the program's long-term sustainability, and the administrative rigor required for managing such initiatives.

Contention

Notable points of contention may arise regarding the potential limits of this program, especially concerning its funding sources and the efficiency of the administration by OHFA. Questions about whether the financial caps on assistance will be sufficient to attract landlord participation and effectively mitigate risks associated with renting to low-income tenants are also crucial. As SB1761 moves through legislative processes, balancing stakeholder interests, including those of landlords, tenants, and policymakers, will be essential for its success.

Companion Bills

No companion bills found.

Previously Filed As

OK HB1031

Rural housing; creating the Oklahoma Housing Stability Program; creating various programs and revolving funds; effective date; emergency.

OK SB465

Oklahoma Residential Landlord and Tenant Act; authorizing termination of rental payments upon certain notice. Effective date.

OK SB545

Veterans' treatment programs; creating the Oklahoma Veterans' Treatment Act; authorizing creation of veterans' treatment programs in district and municipal courts. Effective date.

OK SB683

State government; creating the Oklahoma Rental Assistance Grant Program. Effective date.

OK HB2870

Rural housing; creating the Housing Stability Program; Homebuilder Program; Increased House Program; creating revolving funds; effective date; emergency.

OK SB529

Teachers; creating the Oklahoma Teacher Corps Program; providing eligibility. Effective date. Emergency.

OK HB2796

Oklahoma Accountancy Act; creating revolving fund; authorizing student scholarship and grant program; effective date.

OK SB908

Oklahoma Accountancy Act; creating revolving fund; authorizing student scholarship and grant program. Effective date.

OK HB2517

Prisoner reentry; creating the Oklahoma Prisoner Reentry Pilot Program; stating purpose of pilot program; codification; effective date.

OK SB382

Feminine hygiene products; adding definitions; creating the Feminine Hygiene Program; creating the Feminine Hygiene Program Revolving Fund; stating purpose of program. Effective date.

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