HB 4414 creates a zero-interest loan program administered by Oklahoma Housing Finance Agency (OHFA) to build affordable single-family homes statewide. It prioritizes homebuilders seeking to develop housing in communities affected by federally declared natural disasters within the last year. The bill requires OHFA to develop a community needs assessment tool to allocate funds and prohibits participants from also claiming the Oklahoma Affordable Housing Tax Credit. OHFA must submit annual reports detailing program outcomes to state leadership, with the law taking effect November 1, 2026.
SB 1574 increases Oklahoma's annual cap for affordable housing tax credits from $4 million to $8 million for allocation years beginning on or after July 1, 2026. It directly affects developers of low-income housing projects that qualify under federal tax credit rules and investors claiming these state tax credits. The bill maintains that state credits cannot exceed federal credits for a project and must be used for projects placed in service after July 2015. The change provides more funding for affordable housing initiatives without altering eligibility requirements.
HB 4409 creates a new bipartisan Legislative Workforce Housing Committee to improve Oklahoma's affordable housing access. The committee, composed of equal members from both legislative chambers and parties, will work directly with the Oklahoma Housing Finance Agency to administer the state's Housing Stability Program and develop policy changes. It will establish its own meeting rules and may seek input from community groups or outside experts to address housing needs. The bill takes effect November 1, 2026, and does not change existing housing funding or programs.
HB 4485 requires county assessors to value real property financed with federal low-income housing tax credits (under IRS Section 42) using the income-approach method for property tax assessments. It explicitly prohibits including the value of federal or state low-income housing tax credits when determining a property’s fair cash value. Property owners must provide written notice to the county assessor by January 1 each year if the property uses such credits. The bill takes effect January 1, 2027, and applies specifically to properties using federal tax credits for low-income housing development.
HB 4305 modifies how county assessors value affordable housing properties in Oklahoma. It requires assessors to base fair cash value on projected income during construction/lease-up and adjust yearly using net income changes for stabilized properties. If such a property is sold without its affordable housing restrictions, an additional tax is imposed equal to the difference between taxes paid under this method and what would have been paid at the sale price. This tax must be paid by the property owner within 20 days of receiving written notice from the county assessor after the sale.
HB 3961 creates the "Oklahoma Affordable Housing Tax Credit Policy Act of 2026," establishing a new tax credit program to support affordable housing development. The bill directly affects developers and investors who construct or rehabilitate qualifying affordable housing projects in Oklahoma. Key provisions authorize the state to issue tax credits against income tax liabilities for projects meeting specific affordability and location criteria. The program will become effective November 1, 2026, though the bill text does not specify credit amounts, eligibility rules, or administrative details beyond its framework.
HB 3846 creates a new property tax exemption for affordable housing projects financed through Low Income Housing Tax Credits (LIHTC) under federal law. It directly affects developers and operators of such housing who receive LIHTC financing. The bill requires these properties to maintain at least 75% occupancy - either as a single-family dwelling or with an average 75% rate across multi-family units - to keep the tax exemption. If occupancy falls below this threshold, the property loses its exemption for the next assessment year, requiring annual reporting to county assessors.
SB 1545, the "Yes In God’s Backyard Act," allows religious organizations (like churches and mosques) to develop affordable housing on their owned properties without discretionary municipal approval. It requires 60% of mixed-use projects to be residential, with 80% of units designated as affordable housing (capped at 40% non-affordable units for staff housing). The bill preempts local zoning rules that would block such projects, mandates municipalities to approve applications within a set timeframe, and requires compliance with building codes and fair housing laws. This directly affects faith-based groups seeking to use underutilized land for housing, aiming to address housing shortages by streamlining development.
HB 2091 creates a refundable state income tax credit for Oklahoma residents who pay rent for their primary residence. Starting in 2026, eligible taxpayers can claim up to $110 annually, with future credit amounts adjusted yearly based on inflation measured by the Consumer Price Index. To claim the credit, individuals must provide their landlord's name, rental address, and annual rent paid on a form required by the Oklahoma Tax Commission. The credit applies to all qualifying renters, not just low-income households, and becomes effective November 1, 2025.
HB 1549 modifies Oklahoma's allocation system for private activity bonds, which are tax-exempt bonds used to fund projects like housing and economic development. It redefines key terms and adjusts how the state's annual bond issuance limit ("state ceiling") is divided into specific pools, including increasing the Student Loan Pool to 15.5% and creating new pools for beginning agricultural producers and rural housing. These changes affect state agencies, local governments, housing authorities, and other bond issuers that rely on tax-exempt financing for projects like affordable housing, student loans, and economic development. The bill specifies that allocations from certain pools require approvals from the Oklahoma Department of Commerce or the Council of Bond Oversight. It became law on May 14, 2025, without gubernatorial action.
