The bill proposes the establishment of residential economic development districts in Ohio and creates a grant program aimed at supporting housing developments within these districts. It enacts two new sections, 122.634 and 122.635, into the Revised Code. The Housing Accelerator Fund is created to consist of appropriated funds and other received money, which will be used exclusively for providing grants under section 122.635. This section defines key terms such as "major economic development project," "major workforce housing project," and "residential economic development district," and outlines the criteria for grant applications, which can be submitted by counties, townships, or municipal corporations.

The bill emphasizes the importance of adopting pro-housing development policies and approving major workforce housing projects as prerequisites for grant eligibility. It establishes a rolling review process for grant applications, prioritizing those that demonstrate a commitment to more impactful housing policies. The funds from the grants can be used for various purposes, including capital for housing development, site acquisition, and infrastructure improvements. Additionally, the director of development is tasked with creating rules to implement and administer the program, with the intent to stimulate housing development in areas that typically do not attract such projects and to promote home ownership among Ohio residents.