OK HB1114

Municipalities may adopt land bank programs to acquire unimproved properties through tax lien foreclosure sales and transfer them to qualified developers for affordable housing construction

Eligible properties must have delinquent taxes for at least 5 years, be unimproved (no buildings), and have market value less than total taxes and costs owed

Land banks must sell acquired properties within 3 years to developers who have completed at least 3 housing units in the prior 3 years and have municipality-approved development plans

At least 25% of properties developed for sale must be deed-restricted for households earning 60% or less of area median income; rental properties require 20-year affordability restrictions

Land banks must comply with Oklahoma Open Meetings and Open Records Acts, file annual audited financial statements within 90 days of fiscal year end, and submit annual performance reports by November 1