Bill > SB1567

This bill establishes a new program within the Housing and Community Services Department to provide short-term, below-market loans for the development of "mixed income housing," which refers to multifamily housing that includes both market-rate units and units set aside for low-income households. The department will create rules for this program, specifying eligibility, interest rates, the required proportion of affordable units, and how long those units must remain affordable, with a minimum duration tied to the loan term. Projects receiving these loans must ensure affordability through an "affordable housing covenant," a legal agreement to maintain affordability. These loans will be subordinate to other loans on the property unless the private lender agrees otherwise, and payments will go into a new "Mixed Income Development Loan Fund." This fund will be established in the State Treasury and can receive money from various sources, including appropriations, bond proceeds, and federal or local government funds, and its moneys are continuously available to the department for these housing programs. The bill also makes technical amendments to existing laws, including clarifying that the department's financing purpose includes mixed income housing and adjusting language related to agricultural workforce housing. Additionally, $20 million will be transferred from the Housing Project Revolving Loan Fund to the new Mixed Income Development Loan Fund. The bill takes effect 91 days after the legislative session adjourns.

Budget and Finance, Housing and Urban Affairs, Transportation and Infrastructure

https://olis.oregonlegislature.gov/liz/2026R1/Measures/Overview/SB1567