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, community housing organizations, and funding sources. Before adopting the plan, municipalities must hold a public hearing and notify relevant parties. The bill also sets qualifications for developers participating in the program and mandates that properties sold through the land bank be designated for affordable housing.

Additionally, the bill allows for the sale of properties acquired through tax lien foreclosure to land banks under specific conditions and emphasizes the importance of deed restrictions to ensure development for low-income households. It requires the land bank to maintain accurate financial records, file annual audited statements, and submit performance reports detailing its activities. For properties developed for rental housing with active deed restrictions, owners must file annual reports with the land bank. The land bank must also keep records of sales and notify relevant organizations about the performance report's availability. This act is set to take effect on November 1, 2025.