ADDITIONAL BILL UPDATES:

HB3704 – This bill will limit contingencies on real estate contracts to 180 days. This is a repeat of a previous bill (SB1168) that we fought in 2022. This bill limits contingencies in real estate contracts for permitting, zoning, etc to 180 days. This is simply not enough time for our developments. 

There has been some confusion or inference to this bill applying only to contracts with the State of Oklahoma. That is NOT how the bill is written. As written, it will apply to all real estate contracts. 

There should be no limit to the length of contingencies that buyers and sellers are willing to negotiate. There are no known issues with OREC on contingencies. 

Please contact your Representative and Senator today and request that they VOTE NO ON HB3704!

*Note: There is an Addendum to remove the 180-day timeline.

HB4018 – This bill will tweak the Oklahoma Affordable Housing Act to more closely mirror the allocation of federal LIHTCs. Any unused credits at year end may be rolled over to the following year and any returned credits may be reallocated. This is a revenue neutral item.

This bill passed the House last Friday 73-6 and will move to the Senate.

Please contact your Senator and request they VOTE YES ON HB4018