The bill proposes the enactment of sections 122.634 and 122.635 of the Revised Code to establish residential economic development districts and create a grant program aimed at supporting housing developments within these districts. A new Housing Accelerator Fund will be created in the state treasury, funded by appropriations from the General Assembly and other sources, to provide grants for housing projects. The bill defines key terms such as "major economic development project" and "major workforce housing project," and outlines the criteria for counties, townships, or municipal corporations to apply for grants, which include adopting pro-housing development policies and approving major workforce housing projects.

The Department of Development will review grant applications on a rolling basis, prioritizing those that adopt more pro-housing policies and allow for higher density developments. Grant funds can be used for various purposes, including capital for housing development, site acquisition, and infrastructure improvements. The bill emphasizes the intent to encourage major workforce housing projects in areas that typically do not attract such developments, ultimately aiming to increase home ownership among Ohio residents. The director of development is tasked with implementing rules to govern the grant program, including application procedures and scoring metrics.