House Bill No. 1114, introduced by Stewart, establishes a framework for municipalities in Oklahoma to create municipal land bank programs aimed at promoting affordable housing development. The bill defines key terms such as "affordable," "land bank," and "qualified participating developer," and outlines the responsibilities of municipal governing bodies in adopting and operating these programs. Municipalities are required to develop an annual land bank plan that considers existing housing policies and includes provisions for public hearings, notifications, and the availability of proposed plans to the public. The bill also sets qualifications for developers wishing to participate in the program, emphasizing the need for a development plan and prior experience in housing development.

Additionally, the bill details the procedures for the sale of properties to land banks, including conditions under which properties can be sold for less than market value and the requirement for deed restrictions to ensure that properties are developed for low-income households. It mandates that land banks maintain accurate records, conduct annual audits, and submit performance reports to the municipality. The legislation also requires that for each property developed for rental housing with an active deed restriction, the owner must file a copy of the most recent annual report with the land bank. Furthermore, the land bank must provide copies of the performance report to the relevant taxing units and notify organizations and neighborhood associations about its availability. These provisions will take effect on November 1, 2025.