Bill > SB676

This bill modifies Oregon's veterans' home and farm loan program by implementing two key provisions: First, it limits the interest rates for both loan assumptions and new home or farm acquisition loans to no more than the prime rate plus one percent. The prime rate is a benchmark interest rate set by banks that serves as a reference point for various loan types. Second, the bill appropriates $40 million from the General Fund to the Department of Veterans' Affairs for deposit into the Oregon War Veterans' Fund, to be used specifically for advancing loans to qualified veterans for purchasing farms and homes during the biennium beginning July 1, 2025. These changes aim to make home and farm loans more affordable for veterans by capping interest rates and providing additional funding to support loan programs. The bill also maintains existing provisions that allow the Department of Veterans' Affairs to adjust interest rates based on the loan program's solvency and financial projections, ensuring the long-term sustainability of the veterans' loan program.

Military Affairs and Security

https://olis.oregonlegislature.gov/liz/2025R1/Measures/Overview/SB676