Bill
Bill > HB1114
OK HB1114
OK HB1114Cities and towns; municipal land bank program; tax; sale of property; effective date.
summary
Introduced
02/03/2025
02/03/2025
In Committee
02/04/2025
02/04/2025
Crossed Over
Passed
Dead
Introduced Session
Potential new amendment
2025 Regular Session
Bill Summary
An Act relating to cities and towns; providing definitions; permitting municipalities to adopt a municipal land bank program; directing governing bodies to establish or approve a land bank; providing qualifications for a developer to participate in land bank program; mandating municipalities operate the program in conformance with land bank plan; requiring plans be adopted annually; permitting amendments to plan; requiring consideration of other housing plans and policies; providing required content of plan; requiring a public hearing; requiring city manager provide notice to certain parties; requiring copies of proposed plan be made available to the public; providing procedure for sale of property to land bank; clarifying sale of property is for a public purpose; clarifying no contest is a waiver of challenge; requiring written notice of sale; permitting owner of property to request property not be sold in manner provided in this act; requiring officer sell in accordance with certain procedures; permitting taxing units to sale property for less than market value; clarifying what the deed of conveyance includes; providing conditions for subsequent resale of property; requiring sale of property within certain time frame; limiting number of properties a land bank may own; requiring deed of property sold by land bank include right of reverter; requiring certain deed restrictions; clarifying that certain deed restrictions automatically renew; permitting modification and addition of deed restrictions; requiring compliance with open meetings and open records acts; directing land bank to keep accurate minutes of meetings, records, accounts; directing land bank to file annual audited financial statements; directing land bank file annual performance report; providing requiring content of performance report; requiring land bank to maintain certain records; requiring land bank and municipality maintain copies of performance report for public review; providing for codification; and providing an effective date.
AI Summary
This bill establishes a municipal land bank program that allows cities and towns in Oklahoma to acquire, hold, and transfer unimproved real property with the primary goal of developing affordable housing. The program enables municipalities to sell tax-foreclosed, unimproved properties to qualified developers at potentially below-market rates, with the condition that these properties will be developed as affordable housing for low-income households. Key provisions include defining terms like "affordable" (housing costs not exceeding 30% of median family income), establishing developer qualifications (such as having previously developed three or more housing units), and requiring an annual municipal land bank plan that outlines eligible properties and housing development strategies. The bill mandates that land banks must sell properties within three years to qualified developers for affordable housing, with deed restrictions ensuring that at least 25% of properties sold for ownership are targeted to households earning 60% or less of the area median income, and rental properties must meet specific affordability criteria for 20-100% of units. The land bank must also comply with open meetings and records acts, maintain detailed financial and performance records, and submit annual reports to the municipality. The program aims to facilitate affordable housing development by streamlining the process of acquiring and redeveloping tax-foreclosed properties, with an effective date of November 1, 2025.
Committee Categories
Government Affairs
Sponsors (3)
Last Action
House Government Oversight Hearing (10:30:00 3/6/2025 Room 206) (on 03/06/2025)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Loading...