The bill amends the Oklahoma Housing Authorities Act by updating definitions and statutory references within Section 1054. Key changes include the replacement of the term "this act" with "the Oklahoma Housing Authorities Act" to clarify the context of the definitions. The definitions of various terms such as "Authority," "City," "County," and "Housing project" have been modified to provide clearer criteria and to expand the scope of operations for housing authorities. Notably, the bill allows city or county housing authorities to undertake construction or rehabilitation projects anywhere within the state, provided they consult with relevant local authorities.

Additionally, the bill introduces new definitions and clarifies existing ones, such as redefining "Persons of low income" to align with federal guidelines from the United States Department of Housing and Urban Development. Other terms, including "Bonds," "Real property," and "Major disaster," have also been updated for consistency and clarity. Overall, the amendments aim to enhance the effectiveness of housing authorities in Oklahoma by providing clearer definitions and expanding their operational capabilities.