House Bill No. 1823 aims to enhance the administration of the HOME Investment Partnerships Program by the Oklahoma Housing Finance Agency (OHFA). The bill defines key terms related to the program, such as "HOME Program" and "HOME funds," and establishes that OHFA must administer these funds in compliance with federal regulations. It restricts OHFA from imposing additional requirements on HOME funds beyond what is mandated by federal law unless explicitly authorized by state statute or supported by data and stakeholder input. The bill also mandates a public comment period of at least 30 days for any changes to program rules, prohibits retroactive application of new rules, and ensures that participants' rights under federal regulations are upheld.

Additionally, the bill outlines specific rights for eligible nonprofit entities participating in the HOME Program, including the ability to use third-party guarantors and a guaranteed minimum developer fee. It also stipulates that OHFA must provide public notice of any changes to program eligibility or requirements at least 60 days prior to implementation. The bill emphasizes that in case of conflicts with other state laws, this section will take precedence regarding the administration of the HOME Program, while ensuring compliance with federal requirements. An emergency clause is included, allowing the act to take effect immediately upon passage and approval.