The bill establishes the Oklahoma Rental Assistance Grant Program, which will be administered by the Oklahoma Housing Finance Agency. This program aims to provide rental subsidies to individuals who were evicted due to the COVID-19 pandemic. Funding for the program will come from legislative appropriations, federal funds, and private donations, which will be deposited into the newly created Oklahoma Rental Assistance Revolving Fund. The Oklahoma Housing Finance Agency is tasked with promulgating rules to implement the program effectively.

Additionally, the bill creates the Oklahoma Rental Assistance Revolving Fund within the State Treasury, which will serve as a continuous fund not limited by fiscal year constraints. This fund will consist of all money received for the purpose of administering the rental assistance program and will be appropriated for that purpose. Expenditures from the fund will be managed according to established legal procedures. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage and approval.