Bill No. 1823 aims to enhance the administration of the HOME Investment Partnerships Program by the Oklahoma Housing Finance Agency (OHFA). It defines key terms such as "HOME Program" and "HOME funds," and establishes that OHFA must administer these funds in compliance with federal regulations, ensuring that any additional requirements imposed are either authorized by state law or supported by data and stakeholder input. The bill also mandates that any changes to program rules must undergo a public comment period of at least 30 days and prohibits retroactive application of new rules unless required by federal law.

Additionally, the bill outlines participant rights, ensuring that eligible nonprofit entities can utilize third-party guarantors and are entitled to a 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 also ensuring compliance with federal requirements. An emergency clause is included, allowing the act to take effect immediately upon passage.