OK HB2615

Amends 60 O.S. 2001, Section 178.6 to allow public trusts to finance or refinance housing facilities for aged/disabled persons, hospitals, dormitories, and other charitable purposes.

Authorizes public trusts to finance or refinance housing projects either subject to ad valorem taxation or exempt from taxation if they meet specified criteria and remain within beneficiary geographic boundaries.

Modifies 68 O.S. 2001, Section 2887 to clarify ad valorem tax treatment of housing assets, with exception that exempt housing projects financed or refinanced by public trusts retain their exempt status.

Permits housing projects exempt from ad valorem taxation before financing or refinancing by a public trust to remain exempt despite the financing transaction.

Effective date: November 1, 2010.