The bill establishes the Targeted Housing and Responsible Infrastructure for Vital Economies (THRIVE) Act, which aims to create a program administered by the Oklahoma Water Resources Board. This program will provide competitive zero-interest loans to eligible entities for housing development projects that require water, wastewater, or stormwater infrastructure. The Board will implement a rating system for loan applications based on criteria such as alignment with community housing goals, economic development potential, and sustainability efforts. Additionally, the bill includes a clawback provision requiring loan recipients to reimburse funds if they fail to meet contract terms, and mandates that recipients prioritize local vendors.

Furthermore, the bill creates the THRIVE Communities Program Revolving Fund, which will be a continuous fund sourced from appropriations and will not be subject to fiscal year limitations. The fund will be used for loaning to eligible entities, with specific allocations based on population demographics of municipalities or counties. The bill appropriates $100 million from the General Revenue Fund for the fiscal year ending June 30, 2027, to support the program. The act is set to take effect on November 1, 2026.