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ENGROSSED HOUSE
BILL NO. 2724 By: Blancett, Menz, and Dollens
of the House
and
Brooks of the Senate
[ housing - Oklahoma Affordable Housing Commission –
membership - Oklahoma Affordable Housing Commission
Revolving Fund - utilization of resources -
administrative rules - unencumbered funds –
codification ]
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OK LAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 6301 of Title 74, unless there
is created a duplication in numbering, reads as fo llows:
As used in this act:
1. "Extremely low income household" means income not in excess
of thirty percent (30%) of the area median income, adjusted for the
size of the household, as determined by the United States Department
of Housing and Urban Development;
2. "Very low income household " means a household income of more
than thirty percent (30%) of the area median inc ome but no more than
fifty percent (50%) of the area median incom e, adjusted for the size
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of the household, as determined by the United States Department of
Housing and Urban Development;
3. "Low income household" means a household income of more than
fifty percent (50%) of the area median income but no more than
eighty percent (80%) of the area median income, adjusted for the
size of the household, as determined by the United Stat es Department
of Housing and Urban Development;
4. "Moderate income household " means a household income of more
than eighty percent (80%) of the area median income but no mor e than
one hundred twenty percent (120%) of the area median income,
adjusted for the size of the household, as determined by the United
States Department of Housing and Urban Development; and
5. "Middle income household" means a household that has an
income of more than one hundred twenty pe rcent (120%) of the area
median income but no more than one hundred sixty percent (160%) of
the area median income, adjusted for the size of the household, as
determined by the United States Department of Housing and Urban
Development.
SECTION 2. NEW LAW A new section of law to b e codified
in the Oklahoma Statutes as Section 6302 of Title 74, unless there
is created a duplication in numbering, reads as follows:
A. There is hereby created the Oklahoma Affordable Housing
Commission. The Commission shall be composed of sixteen (16)
members. The members shall serve as follows:
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1. Eight (8) members shall be appointed by the President Pro
Tempore of the Oklahoma St ate Senate:
a. one shall be a Senator from the majority party who
shall serve as co-chair of the Commission,
b. one shall be a Senator from the minority party who
shall serve as co-vice-chair of the Commission ,
c. one shall be a representative of an American Indian
Tribe who provides affordable housing in rural areas,
whose first term shall be for one (1) year, and then
renewable for three-year terms thereafter,
d. one shall be a representative from a low income and
moderate to low income population-serving financial
institution (A CDFI as defined by the Federal Reserve)
whose first term shall be for two (2) years, and then
renewable for three-year terms thereafter,
e. one shall be a representative from a Community Housing
Development Organization (CHDO), as determined by the
United States Department of Housing and Urban
Development, whose first term shall be for two (2)
years, and then renewable for three -year terms
thereafter,
f. a representative of building service or construction
trades whose first term shall be for two (2) years,
and then renewable for th ree-year terms thereafter,
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g. one shall be from the Oklahoma Department of Commerce
Community Development Division, or his or he r
designee, whose first term shall be for three (3)
years, and then renewable for thr ee one-year terms
thereafter, and
h. one shall be an Oklahoma re presentative of the United
States Department of Agricultu re (USDA);
2. Eight (8) members shall be appointe d by the Speaker of the
Oklahoma House of Representatives :
a. one shall be a House me mber from the majority party
who shall serve as co-chair of the Commission,
b. one shall be a House member from the minority party
who shall serve as co-vice-chair of the Commission,
c. one shall be a representative from a not -for-profit
organization who serves low-income Oklahomans
experiencing difficulty in obt aining affordable
housing, whose first term shall be for one (1) year,
and then renewable for three-year terms thereafter,
d. one of whom shall be a representative from an
organization who assists s pecial populations (elderly,
disabled, veterans, children transitioning out of
foster care) in obtaining affordable housing , whose
first term shall be for two (2) years, a nd then
renewable for three-year terms thereafter ,
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e. one shall be a representative from an urban housing
authority whose first term shall be for tw o (2) years,
and then renewable for three -year terms thereafter ,
f. the Executive Director of the Oklahoma Housing Finance
Agency or designee whose first term shall be for two
(2) years then renewable for three-year terms
thereafter,
g. one shall be a representative from an urban housing
authority whose first term shall be for two (2) years
and then renewable for three -year terms thereafter,
and
h. one shall be a representative of an Oklahoma r ural
housing authority whose first term shall be for two
(2) years and then renewable for three -year terms
thereafter.
B. The Commission shall utilize the Oklahoma Affordable Housing
Commission Revolving Fund as authorized in Section 3 of this act.
C. The Commission shall utili ze the resources available to it
in order to address the needs of extremely low income household s,
very low income households, low income households, moderate income
households, and middle income households in order to promote a
condition in which suitable housing is available to as many persons
as possible.
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SECTION 3. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 6303 of Title 74, unless there
is created a duplication in numb ering, reads as follows:
A. There is hereby created in the Stat e Treasury a revolving
fund to be designated as the "Oklahoma Affordable Housing Commission
Revolving Fund", which shall consist of all monie s appropriated,
transferred, or otherwise designate d to the fund by law. The
revolving fund shall be a continuing fund, not subject to fiscal
year limitations, and shall be under the adm inistration of the
Oklahoma Affordable Housing Commission and shall be budgeted and
expended in accordance with the prov isions of subsection B o f this
section for the purpose of improv ing the stock and affordability of
Oklahoma housing.
B. No funds shall be budgeted or expended from the Oklahoma
Affordable Housing Commissi on Revolving Fund prior to July 1, 2024,
or prior to the approval by the Legislature of promulgated permanent
rules by the Commission pursuant to the provisions of the
Administrative Procedures Act.
C. The Oklahoma Affordable Housing Commission shall prom ulgate,
pursuant to the provisions of the Administr ative Procedures Act,
permanent rules subject to approval by the Legislature, to
implement:
1. An initial comprehensive Oklahoma Afford able Housing
environmental scan and needs assessment;
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2. A comprehensive Oklahoma Affordable Housing annual report
and action plan;
3. Details of the Commission 's general duties;
4. Reporting requirements of the Commission to the Legislature;
5. Evaluate and make recommendations to the Legislature on
abatement and exemption incentives to support the development of
more affordable housing; and
6. Any other rules necessary to carry o ut the purpose and
mission of the Commission as expressed in this act.
D. All unencumbered funds remaining in the Oklahoma Affordable
Housing Commission Revolving Fund upon the expiration of the
Oklahoma Affordable Housing Commission shall be transferred to the
State Treasurer for deposit in the General Revenue Fund.
Passed the House of Representatives the 14th day of March, 2024.
Presiding Officer of the House
of Representatives
Passed the Senate the ___ day of __________, 2024.
Presiding Officer of the Senate