The bill introduced by Senator Reynolds aims to establish residential economic development districts in Ohio and create a grant program to support 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" and "major workforce housing project," and outlines the criteria for counties, townships, or municipal corporations to apply for grants.

The bill emphasizes the importance of adopting pro-housing development policies and approving major workforce housing projects to qualify for grants. It specifies that the Department of Development will review applications and award grants based on established scoring metrics that prioritize areas with more robust pro-housing policies. Additionally, the bill mandates that grant recipients use the funds for specific purposes, including capital for housing development and infrastructure improvements. The director of development is tasked with implementing rules to administer the program effectively, with the overarching goal of encouraging housing development in areas that may not typically attract such projects and increasing home ownership among Ohio residents.