The bill establishes the Oklahoma Rental Assistance Grant Program, which will be administered by the Oklahoma Housing Finance Agency to provide rental subsidies for individuals who were evicted due to the COVID-19 pandemic. The program will be funded through legislative appropriations, federal funds, and private donations, and the Agency is tasked with promulgating rules to implement the program.

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