Housing (Affordable Housing)

SB 923 modifies Oklahoma's Affordable Housing Tax Credit program by increasing the annual credit cap to $15 million for 2026-2030 (from $4 million previously) and requiring new projects placed in service after January 1, 2026, to qualify as "workforce housing" (housing for households earning 60-120% of local median income). It makes the tax credit nonrefundable (cannot reduce tax below zero), ties Oklahoma credits to federal low-income housing credit recapture rules, and mandates eligibility statements from the Oklahoma Housing Finance Agency. The bill directly affects developers of qualifying affordable housing projects who seek to claim these tax credits, effective January 1, 2026.

HB 2410 increases Oklahoma's annual cap for affordable housing tax credits from $4 million to $10 million per year through December 2029, then reverts to $4 million annually after 2029. It directly affects developers of qualifying affordable housing projects and investors who claim tax credits for these projects. The bill ties Oklahoma's tax credits to federal low-income housing credits, limits credits to projects placed in service after July 2015, and requires eligibility statements from the Oklahoma Housing Finance Agency to claim credits. Credits cannot reduce tax liability below zero and must be claimed with tax returns, with unused credits carryable forward for two years.

SB 144 creates a five-year pilot program for Oklahoma's Department of Corrections to help formerly incarcerated people find stable housing and access reentry services. It requires the DOC to develop affordable housing in rural and urban areas, identify high-risk inmates for homelessness, and modify existing programs to provide parenting, job skills, and substance abuse treatment support. The program will be funded through a new revolving fund in the state treasury, using state appropriations, grants, and donations, with up to 5% of funds allowed for administrative costs. The DOC must contract an independent evaluator to assess the program's effectiveness in reducing recidivism and submit annual reports to lawmakers. This bill directly affects inmates released from Oklahoma prisons who face housing instability upon release.