The bill establishes the Oklahoma Workforce Housing Commission, which will consist of fifteen members appointed by the Governor, the President Pro Tempore of the Senate, and the Speaker of the House of Representatives. The Commission is tasked with addressing the housing needs of various income groups, including extremely low-income, very low-income, low-income, moderate-income, and middle-income households. It will operate under the Oklahoma Open Meeting Act and will be responsible for creating rules and conducting assessments related to affordable housing in the state. Members will serve initial two-year terms, transitioning to three-year terms thereafter, and may receive travel reimbursement but no salary.

Additionally, the bill creates the Oklahoma Workforce Housing Commission Revolving Fund, which will be used to improve housing stock and affordability in Oklahoma. Funds from this revolving fund cannot be budgeted or expended until July 1, 2025, and only after the Legislature approves the Commission's permanent rules. The Oklahoma Housing Finance Agency is also authorized to develop comprehensive reports and plans for expanding affordable housing, which will be submitted to the Governor and Legislature. The act is set to take effect on November 1, 2025.