Legislative Concepts
Directed Loan Delivery Platform
OHCS is seeking a statutory change to direct our mortgage lending to access capital markets without using middlemen, which makes the process more responsive, flexible, and efficient. This means OHCS can reduce fees paid to the current entity managing loans financed on the To Be Announced (TBA) market and help more Oregonians with current funding.
Short-Term Capital Financing
OHCS has statutory authority to issue single- and multifamily revenue bonds for its lending programs. This concept would clarify explicitly in statute the ways in which OHCS can use short-term borrowing to support its programs. With this, OHCS could:
- Increase the number of single-family loans offered monthly to Oregonians with low to moderate incomes and allow for the recycling of Private Activity Bond (PAB) volume cap in the multifamily programs, and
- Use a short-term line of credit in its conduit and direct lending bonding programs to bridge the gap between different multifamily project conversions effectively to recycle PAB cap where these align, and the short-term borrowing allows the department to extend that window legally per IRS regulations.
Manufactured and Marina Communities Resource Center (MMCRC) Fee Increase
Increase fee to sustain the Manufactured Home and Marina Communities Resource Center (MMCRC) beyond the 2027-29 biennium. Without an increase, the MMCRC will face difficulties in keeping up with rising administrative costs and requests for additional funding to support mandatory mediation grants and the legal aid grant.
Policy Option Packages
ECHO Funds for the Manufactured Home Replacement Program – $0
Shifts unspent Energy Conservation Helping Oregonians (ECHO) weatherization funds to support continuation of the Manufactured Home Replacement Program in areas of the state covered by PGE and Pacific Power. This eliminates the need for continued one-time investments of General Fund to continue the Manufactured Home Replacement Program.
Local Innovation and Fast Track (LIFT) Homeownership (Article XI-Q Bonds) – $150M
LIFT Homeownership supports new construction of homes that uses a shared-equity model that leads to long-term affordability within Oregon’s housing stock. Homeownership development capacity throughout the state has grown exponentially, increasing demand for LIFT. This request is to continue the LIFT Homeownership program at its current funded level and incentivize projects that show time and cost savings through a $50 million set-aside. This includes factory-produced housing projects, employer-subsidized workforce housing, streamlined projects, and other innovative construction methods that lead to speedy and affordable quality projects. A small number of staff (1-2) may accompany this ask to support compliance and production activities, though staff costs will be fully covered by program charges.
Preservation of Manufactured Home Communities – TBD
The Preservation of Manufactured Home Communities Program provides financial assistance to eligible resident groups and nonprofit organizations to preserve parks and prevent displacement of residents within important, naturally occurring affordable housing. An average of 33 parks go up for sale each year, jeopardizing the stability of tight-knit low-income communities. This investment will enable continued acquisition and preservation of parks through grants that pair with permanent financing to maintain parks within the ecosystem of Oregon’s affordable housing stock. This could be funded through Article XI-Q or Lottery Revenue bonds.