This bill establishes a framework for municipalities in Oklahoma to create and operate a municipal land bank program aimed at promoting affordable housing development. It allows governing bodies to adopt a land bank program that includes the acquisition, holding, and transfer of unimproved real property. The bill outlines qualifications for developers, mandates adherence to an annual land bank plan, and requires public hearings and notifications regarding proposed plans. The plan must consider existing housing policies and include details such as eligible properties and anticipated funding sources for affordable housing.

Additionally, the bill specifies procedures for the sale of properties to the land bank, emphasizing that these sales serve a public purpose and may bypass traditional bidding processes under certain conditions. It includes provisions for deed restrictions to ensure affordability for low-income households, along with specific income limits and reporting requirements. The land bank must maintain transparency by complying with open meetings and records acts, submitting annual audited financial statements, and providing performance reports to the municipality. The act is set to take effect on November 1, 2025.