summary
Introduced
01/13/2025
01/13/2025
In Committee
04/15/2025
04/15/2025
Crossed Over
Passed
Dead
Introduced Session
Potential new amendment
2025 Legislative Measures
Bill Summary
The statement includes a measure digest written in compliance with applicable readability standards. Digest: Tells a state agency to do a program to help make it easier for people who own or run affordable housing to pay insurance premiums. Sets up a fund for the program. Tells the agency to find ways to support stable prices for insurance for affordable housing. (Flesch Readability Score: 63.1). Digest: Tells the state agency that deals with consumers and business to do a study about more affordable housing. Tells the department to report the results of the study to legislators on a committee that deals with housing. Lets the department suggest new laws. Gets rid of the bill at the end of 2026. (Flesch Readability Score: 60.8). Requires the Department of Consumer and Business Services to study affordable housing. Directs the department to submit findings to the interim committees of the Legislative Assembly related to housing not later than September 15, 2026. Requires the Department of Consumer and Business Services to establish a program to assist eligible entities in paying the costs of property insurance or liability insurance premi- ums for affordable housing, shelters and other facilities. Specifies requirements for eligibility for the program. Requires the department to report to an interim committee of the Legis- lative Assembly related to housing not later than December 15 of each year. Establishes the Affordable Housing Premium Assistance Fund and continuously appro- priates moneys in the fund to the department to implement the department’s program. Requires the department to study the feasibility of creating and operating a state rein- surance program or devising another solution to support price stability in the market for insurance to cover affordable housing. Declares an emergency, effective on passage.
AI Summary
This bill establishes a comprehensive program to support affordable housing insurance in Oregon by creating the Affordable Housing Premium Assistance Fund and implementing several key initiatives. The Department of Consumer and Business Services will develop a program to help eligible entities (such as public, private, or nonprofit organizations) pay property and liability insurance premiums for affordable housing, shelters, Project Turnkey sites, and navigation centers. The program will provide partial premium offset payments to entities that purchase and maintain required insurance coverage, with specific rules to be developed regarding eligibility, application processes, payment prioritization, and success metrics. Additionally, the department is mandated to conduct a study on the feasibility of creating a state reinsurance program to support insurance price stability for affordable housing and must submit annual reports to the Legislative Assembly. The bill also modifies existing insurance regulations to allow more flexibility in obtaining surplus lines insurance for affordable housing, and includes a $5 million initial funding allocation from the General Fund. The program is set to operate until December 31, 2028, and takes effect immediately due to an emergency declaration aimed at addressing urgent housing and insurance challenges.
Committee Categories
Budget and Finance, Housing and Urban Affairs, Transportation and Infrastructure
Sponsors (0)
No sponsors listed
Last Action
Work Session scheduled. (on 06/10/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
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