The bill amends the Oklahoma Homebuilder Program, which is administered by the Oklahoma Housing Finance Agency (OHFA), to enhance the creation of affordable single-family housing units across the state. It establishes a loan program for homebuilders with interest rates as low as zero percent, prioritizing applicants in communities affected by federally declared natural disasters within the past year. Additionally, participants in this program will not be eligible for the Oklahoma Affordable Housing Tax Credit. OHFA is required to provide an annual report starting July 1, 2024, detailing the program's awards and housing units built.

Furthermore, the bill mandates OHFA to create and maintain a community housing needs assessment tool to effectively allocate funds under the program. It also directs OHFA to collaborate with the Legislative Workforce Housing Committee to improve housing accessibility throughout Oklahoma. The act is set to take effect on November 1, 2026.