The bill establishes the Oklahoma Housing Finance Agency Board, which will consist of five public trustees appointed by the Governor, the President Pro Tempore of the Senate, and the Speaker of the House of Representatives. The composition of the Board includes members with specific qualifications, such as experience in mortgage lending and low-income housing tax credit development, as well as a resident of public housing. The Board is required to have no more than two members from the same municipality and will elect a chair, vice chair, and secretary from among its members to serve two-year terms.

Additionally, the bill outlines the organizational structure and operational procedures of the Board, including the length of terms for members, the process for filling vacancies, and quorum requirements for conducting official business. The Board is mandated to meet at least quarterly, with provisions for special meetings as needed. The act is set to take effect on November 1, 2026.