Bill > SB1332

This bill creates the Targeted Housing and Responsible Infrastructure for Vital Economies (THRIVE) Act, which establishes a program through the Oklahoma Water Resources Board to provide zero-interest loans for water, wastewater, and stormwater infrastructure projects supporting housing development. The program will use an application rating system that considers factors like community housing goals, economic development potential, workforce housing expansion, and financial sustainability. Eligible entities can apply for loans, with a mandatory "clawback" provision requiring recipients to reimburse funds if they fail to meet contract terms. The Board will create a revolving fund of $100 million, allocating funds across three population tiers: 33% for areas over 400,000 people, 33% for areas between 30,000-400,000 people, and 34% for areas under 30,000 people. The Board must publish annual reports on project progress, prioritize using in-state contractors, and develop specific program rules. After fiscal year 2027, remaining reserves can be accessed by any eligible entities, with the goal of maximizing housing infrastructure projects across Oklahoma. The act will become effective on November 1, 2026.

Budget and Finance, Labor and Employment

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1332&Session=2600