Oklahoma HB1114 establishes a municipal land bank program for cities and towns to manage foreclosed properties for affordable housing development.
Oklahoma HB1114 creates a municipal land bank program enabling cities and towns to manage properties ordered sold due to tax foreclosures. The program allows the sale of these properties to land banks for less than market value, provided certain conditions are met. The land bank must sell the properties to qualified developers for affordable housing within three years, or the properties revert to the taxing units. The bill defines "affordable" housing, outlines developer qualifications, and mandates annual land bank plans and performance reports.
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