Oregon housing agency funds and studies affordable housing preservation

The Housing and Community Services Department may use money in the fund to preserve affordable housing at risk of loss. The allowed work includes acquiring, building, remodeling, repairing, equipping or furnishing affordable housing that is or will be owned or operated by Oregon. The fund receives money from bonds issued by the State Treasurer for affordable housing preservation. Money may also pay the department’s fund-administration costs and bond-related costs. The fund provisions take effect when the Act takes effect; the bill text says that is on passage.

The Housing and Community Services Department must submit a report to legislative housing committees. The report must examine state laws, department practices and rules affecting affordable housing providers, along with state and federal reporting requirements administered by the department. The department must include feedback from affordable housing providers, financial entities and tenant advocates. The report must assess effects on leasing, applicant screening, vacancies, wait lists, tenant recertification, inspections, rent collection, property management and regulatory compliance. It must also identify ways to streamline, reduce or eliminate provider reporting requirements. The report is due on or before December 1, 2026.

The department must coordinate preservation work, set evaluation criteria, gather funding sources and regularly report on preservation needs. The duties cover publicly supported housing, affordable housing at risk of loss, properties with expiring assistance or affordability restrictions, distressed properties, and manufactured dwelling parks at risk of sale or closure. The department must use established evaluation criteria when carrying out preservation work. The law increases available administrative amounts by $150,000 and $145,175 for managing the fund during the specified budget period. The department must analyze operating costs and update and publish a preservation strategy framework. The duties apply when the Act takes effect; the bill text says that is on passage. The administrative amounts apply to the biennium ending June 30, 2027.