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HOUSE OF REPRESENTATIVES - FLOOR VERSION
STATE OF OKLAHOMA
1st Extraordinary Session of the 59th Legislature (2023)
COMMITTEE SUBSTITUTE
FOR
HOUSE BILL NO. 1031 By: Wallace and Martinez of the
House
and
Thompson (Roger) and Hall
of the Senate
COMMITTEE SUBSTITUTE
An Act relating to rural housing; creating the
Oklahoma Housing Stability Program; establishing the
Homebuilder Program; creating the Homebuilder
Revolving Fund; establishing the Ok lahoma Increased
Housing Program; creatin g the Oklahoma Increas ed
Housing Revolving Fund; providing for administration
of programs by the Oklahoma Finance Agency; creating
a loan program; creating a financing program;
establishing program parameters; requi ring certain
reporting; establishing revo lving fund
characteristics; establishing and limiting budgeting
and expenditure from funds; authorizing retention of
certain administrative costs; exempting programs and
funds from the Oklahoma State Finance Act; th e
Oklahoma Central Purchasing Act; and th e Public
Competitive Bidding Act of 1974; exempting funds from
certain claims; providing for codification; providing
an effective date; and declaring an emergency.
BE IT ENACTED BY THE PEOPLE OF THE STA TE OF OKLAHOMA:
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SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 2903 of Title 74, unless there
is created a duplication in numbering, reads as follows:
This act shall be known and may be cited as the "Oklahoma
Housing Stability Pr ogram".
SECTION 2. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 2903.1 of Title 74, unless there
is created a duplication in numbering, reads as follows:
The Oklahoma Homebuilder Program shall be a dministered by the
Oklahoma Housing Finance Agency (OHFA). The program shall create
more affordable single family housing units across the State of
Oklahoma. The program shall be a loan program for homebuilders at
interest rates as low as zero percent (0 %), providing loans to build
single family housing units. The program shall fund both urb an and
rural housing developments across the state. The program shall give
preference to applicants seeking to build homes in communities that
have been under a fede rally declared natural disaster within the
last twelve (12) months. A dditionally, participants in this program
shall not be eligible for the "Oklahoma Affordable Housing Tax
Credit" as found in Section 2357.403 of Title 68 of the Oklahoma
Statutes. OHFA may promulgate rules to administer the Oklahoma
Homebuilder Program. OHFA shall provide a yearly report beginning
July 1, 2024, to the Governor, the Speaker of t he Oklahoma House of
Representatives, the President Pro Tempore of the Oklahoma State
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Senate, the House Appropriation s and Budget Chair, and the Senate
Appropriations Chair detailing how many awards have been made and
how many single family housing units h ave been built to date, along
with other program information deemed relevant by OHFA.
SECTION 3. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 2903.2 of Title 74, unless there
is created a duplication in numbering, reads as follows:
There is hereby created in the State Treasury a revolving fund
for the Oklahoma Housing Finance Agency (OHFA) to be designated the
"Homebuilder Revolving Fund ". The fund shall be a continu ing fund,
not subject to fiscal year limitations, and shall consist of all
monies received by the OHFA from appropriations, donations, grants,
or other sources of funding specifically designated for deposit to
the Homebuilder Revolving Fund. All monies accruing to the credit
of said fund are hereby appropriated and may be budgeted and
expended by the OHFA for the purpose of the Oklahoma Homebuilder
Program as described in Section 2 of this act. Of the funds
available, the OHFA may use up to five percent ( 5%) of the funds to
cover additional administrative costs to OHFA in administering th e
Oklahoma Homebuilder Program.
SECTION 4. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 2903.3 of Title 74, unless there
is created a duplication in numbering, reads as follows:
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The Oklahoma Increased Housing Program shall be administered by
the Oklahoma Housing Finance Agency (OHFA). The goal of the program
is to help create more affordable housing across the Sta te of
Oklahoma. The program shall help both developers and home buyers.
Developers may apply for gap financing in building both single
family and multi-family homes across the state. Homebuyers may
apply for a grant assisting in making their down payments in
purchasing a home. The program shall fund both urban and rura l
housing developments across the state. The program shall give
preference to applicants who are looking to develop or buy housing
in communities that have been under a federa lly declared disaster
within the last twelve (12) months. Ad ditionally, participants in
the program shall not be eligible for the "Oklahoma Affordable
Housing Tax Credit" as found in Section 2357.403 of Title 68 of the
Oklahoma Statutes. OHFA may promulgate rules to develop the
Oklahoma Increased Housing Program. OHFA shall provide a yearly
report beginning July 1, 2024, to the Governor, the Speaker of the
Oklahoma House of Representatives, the President Pro Tempore of the
Oklahoma State Senate, the House A ppropriations and Budget Chair,
and the Senate Appropriations Chair detailing how many awards h ave
been made to both developers and to homebuyers, how many add itional
housing units have been built, along with other program information
deemed relevant by OH FA.
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SECTION 5. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 2903.4 of Title 74, unless there
is created a duplication in numbering, reads as follows:
There is hereby created in the State Treasury a revolving fund
for the Oklahoma Housing Finance Agency (OHFA) to be designated the
"Oklahoma Increased Housing Revolving Fund". The fund shall be a
continuing fund, not subject to fiscal year limitations, and shall
consist of all monies received by the OHFA from appropriations,
donations, grants, or other sources of funding specifically
designated for deposit to the Oklahoma Increased Housing Revolving
Fund. All monies accruing to the credit of said fund are hereby
appropriated and may be budgeted and expended by the OHFA for the
purpose of the Oklahoma Increased Housing Program as described in
Section 4 of this act. Of the funds available, the OHFA may use u p
to five percent (5%) of the funds to cover additio nal administrative
costs to OHFA in administering the Oklahoma Increased Housing
Program.
SECTION 6. NEW LAW A new s ection of law to be codified
in the Oklahoma Statutes as Section 2903.5 of Title 74, unless there
is created a duplication in numbering, reads as follows:
A. For the Oklahoma Housing Finance Agency 's programs, the
Oklahoma Homebuilder Program, funded by t he Homebuilder Revolving
Fund, and the Oklahoma Increased Housin g Program, funded by the
Oklahoma Increased Housing Revolving Fund, the Oklahoma Housi ng
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Finance Agency (OHFA) shall be exempt from the Oklahoma Stat e
Finance Act, the Oklahoma Central Purchas ing Act, and the Public
Competitive Bidding Act of 1974. OHFA shall be subject to all
financial regulations and rep orts currently required of OHFA,
including all audits it is required to perform.
B. All funds in the Homebuilder Revolving Fund and in the
Oklahoma Increased Housing Fund shall be exempt from any present or
future claims by bondholders or other debt holde rs of OHFA related
to any claim against OHFA for other housing programs administered by
OHFA.
SECTION 7. This act shall become effective Ju ly 1, 2023.
SECTION 8. It being immediately necessary for the preservation
of the public peace, health or safety, an emergency is hereby
declared to exist, by reason whereof this act shall take effect and
be in full force from and after its passage and a pproval.
COMMITTEE REPORT BY: COMMITTEE ON JOINT COMMITTEE ON APPROPRIATIONS
AND BUDGET, dated 05/ 23/2023 – DO PASS, As Amended.