The bill establishes the Oklahoma Workforce Housing Commission, which will consist of fifteen members appointed by the Governor, the President Pro Tempore of the Senate, and the Speaker of the House of Representatives. The Commission is tasked with addressing the housing needs of various income groups, including extremely low-income, very low-income, low-income, moderate-income, and middle-income households. It will operate under the Oklahoma Open Meeting Act and is required to utilize resources to promote suitable housing availability. The initial appointments will have a two-year term, with subsequent terms lasting three years. Members will not receive a salary but may be reimbursed for travel expenses.

Additionally, the bill mandates the Oklahoma Housing Finance Agency to create rules for a comprehensive housing needs assessment, an annual report on affordable housing, and a long-term state plan for housing expansion. It also establishes the Oklahoma Workforce Housing Commission Revolving Fund, which will be used to improve housing stock and affordability in Oklahoma. However, no funds from this revolving fund can be budgeted or expended before July 1, 2025, or until the Legislature approves the Commission's permanent rules. The act is set to take effect on November 1, 2025.