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STATE OF OKLAHOMA
1st Session of the 59th Legislature (2023)
COMMITTEE SUBSTITUTE
FOR
HOUSE BILL NO. 2870 By: Wallace
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 Oklahoma Increased
Housing Program; creating the Oklahoma Increased
Housing Revolving Fund; providing for administration
of programs by the Oklahoma Finance Ag ency; creating
a loan program; creating a financing program;
establishing program parameters; requiring certain
reporting; establishing revolving fund
characteristics; establishing and limiting budgeting
and expenditure from funds; authorizing retention of
certain administrative costs; exempting p rograms and
funds from the Oklahoma State Finance Act; the
Oklahoma Central Purchasing Act; and the 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 STATE OF OKLAHOMA:
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 as the "Oklahoma Housing Stability
Program".
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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 duplicat ion in numbering, reads as follows:
The Oklahoma Homebuilder Program shall be administered 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 urban and
rural housing developments a cross the state. 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 the Oklahoma House of Representatives , the President Pro
Tempore of the Oklahoma State Senate, the House Appropriations and
Budget Chair, and the Senate Appropriations Chair detailing how many
awards have been made and how many single family housing unit s have
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 duplicat ion 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 continuing fund,
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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 hereb y 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 the
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:
The Oklahoma Increased Housing Program shall be administered by
the Oklahoma Housing Fina nce Agency (OHFA). The goal of the program
is to help create more affordable housing across the State of
Oklahoma. The program shall help both developers and homebuyers.
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 rural
housing developments across the state. 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
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of the Oklahoma House of Representatives, the President Pro Tempore
of the Oklahoma State Senate, the House Appropriations and Budget
Chair, and the Senate Appropriations Chair detailing how many awards
have been made to both developers and to homebuyers, how many
additional housing units have be en built, along with other program
information deemed relevant by OHFA.
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 ye ar limitations, and shall
consist of all monies received by the OHFA from appropriations,
donations, grants, or other sources of funding spec ifically
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 up
to five percent (5%) of the funds to cove r additional administrative
costs to OHFA in administering the Oklahoma Increased Housing
Program.
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SECTION 6. NEW LAW A new section 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 the Homebuilder Revolving
Fund, and the Oklahoma Increased Housing Program , funded by the
Oklahoma Increased Housing Revolving Fund, the Oklahoma Housing
Finance Agency (OHFA) shall be exempt from the Oklahoma State
Finance Act, the Oklahoma Central Purchasing Act, and the Public
Competitive Bidding Act of 1974. OHFA shall be subject to all
financial regulations and reports currently requ ired 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 shal l be exempt from any present or
future claims by bon dholders or other debt holders of OHFA related
to any claim against OHFA for other housing programs administered by
OHFA.
SECTION 7. This act shall become effective July 1, 2023.
SECTION 8. It being immediately necessary for the preservation
of the public peace, healt h 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 approval.
59-1-7948 MKS 03/03/23
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