Bill > HB3036

This bill expands the existing tax credit program for banks that lend to affordable housing projects by allowing the savings from reduced interest rates to be used not just for reduced housing payments, but also for providing resident services or supportive services. The tax credit applies to lending institutions that make qualified loans to support affordable housing development, with loans targeting households earning 80% or less of the area median income. Specifically, the bill modifies Oregon Revised Statute 317.097 to broaden the ways in which savings from reduced interest rates can be utilized by housing developers. The tax credit is capped at $35 million per fiscal year and can be claimed for up to 20-30 years depending on the type of housing project. The changes will apply to tax years beginning on or after January 1, 2025, and the bill will take effect 91 days after the adjournment of the 2025 legislative session. This modification aims to provide more flexible financial support for creating and maintaining affordable housing by allowing funds to be used for additional supportive services that can help low-income residents.

Housing and Urban Affairs

https://olis.oregonlegislature.gov/liz/2025R1/Measures/Overview/HB3036