Bill > HB2698

Introduced Session

AN ACT Relating to homeownership goal; and declaring an emergency. Whereas the majority of Oregonians consider homeownership as a priority; and Whereas family economic well-being does not come solely from income, spending or consump- tion, but instead requires savings, investment and the accumulation of assets; and Whereas it is appropriate for the state to institute an asset-based antipoverty strategy; and Whereas Oregonians struggle to attain homeownership due to chronic underproduction of housing units across this state, low housing inventory and vacancy rates, rapidly increasing housing costs and limited public investment in homeownership programs; and Whereas homeownership provides households, and especially households of limited means, the opportunity to build personal and generational wealth; and Whereas there exist substantial disparities in the rates of homeownership among many commu- nities of color, other marginalized communities and white communities; and Whereas homeownership rate disparities are currently greater than at any time since the pas- sage of the federal Fair Housing Act and exist in part due to policies at all levels of government which, explicitly or in effect, excluded many marginalized communities from homeownership oppor- tunities; and Whereas disparities in homeownership rates are one of the primary drivers of the existing racial wealth gap in the United States; and Whereas increasing homeownership among communities of color is a sound and sustainable strategy to reduce the existing racial wealth gap in this state; and Whereas nationally, home equity is attributable to more than 50 percent of the estimated net worth of Black and Hispanic households and more than 80 percent of the estimated net worth of low-income households; and Whereas homeownership provides households with increased housing stability, especially during periods of financial or economic downturn; and Whereas homeownership is attributable to higher rates of civic and social engagement; and Whereas homeownership contributes to improved physical and mental health outcomes; and Whereas homeownership diminishes household reliance on public assistance; and Whereas children of homeowners, and especially children of low-income homeowners, achieve higher rates of high school graduation and college attendance; and Whereas according to data from the 2023 American Community Survey, the homeownership rate in Oregon in 2023 was 63.4 percent; now, therefore, Enrolled House Bill 2698 (HB 2698-A)

AI Summary

Committee Categories

Chris Gorsek (D)*,  Ricki Ruiz (D)*,  Tom Andersen (D),  Ben Bowman (D),  Wlnsvey Campos (D),  Willy Chotzen (D),  April Dobson (D),  Julie Fahey (D),  Lisa Fragala (D),  Mark Gamba (D),  Dacia Grayber (D),  Annessa Hartman (D),  Zach Hudson (D),  Jason Kropf (D),  Em Levy (D),  Mark Meek (D),  Courtney Neron Misslin (D),  Rob Nosse (D),  Deb Patterson (D),  Mari Watanabe (D),  Suzanne Weber (R), 

Chapter 202, (2025 Laws): Effective date May 28, 2025. (on 06/11/2025)

Official Document