Affordable housing; Oklahoma Affordable Housing Policy Act of 2026; effective date.

HB 3591 amends Oklahoma's property tax exemption rules for charitable housing, correcting the misleading title that references "affordable housing." It specifically targets nonprofit housing properties claiming tax exemption under Section 2887, requiring them to maintain a 75% average occupancy rate for multi-family properties (or full occupancy for single-family homes) to retain exemption. Owners must submit annual occupancy reports to county assessors by December 15, with failure to meet the threshold resulting in loss of tax exemption for the following year. This bill directly affects nonprofit housing providers operating under IRS 501(c)(3) status that rely on property tax exemptions, altering their compliance obligations without creating new housing programs.