House Bill No. 1114 establishes a framework for municipalities in Oklahoma to create municipal land bank programs aimed at promoting affordable housing development. The bill defines essential terms such as "land bank," "affordable," and "qualified participating developer," and requires municipalities to adopt an annual land bank plan that includes a list of eligible properties and community housing organizations. Public hearings must be held, and relevant parties notified before the plan's adoption. The bill outlines qualifications for developers and specifies procedures for property sales to the land bank, emphasizing that these sales serve a public purpose.

Additionally, the bill mandates that properties acquired by the land bank be resold to qualified developers for affordable housing construction within a specified timeframe, with deed restrictions ensuring a percentage of units remain affordable for low-income households. It requires annual reporting, compliance with open meetings and records laws, and accurate financial record-keeping by the land bank. The land bank must also file annual reports for rental housing properties with active deed restrictions and maintain records of property sales, including settlement statements and mortgage details. The provisions of this bill will take effect on November 1, 2025.