The 2020 Housing Opportunity Agenda
Our 2020 Housing Opportunity Agenda is under development! Below is a partial list of proposals that have been approved by the Membership. Additional proposals will be added.
Oregon Affordable Housing Tax Credit: The Oregon Affordable Housing Tax Credit (OAHTC) is a proven and effective tool to develop and maintain more affordable housing. It directly benefits the residents, and it encourages the involvement of private lenders in affordable housing. Since 1989, the OAHTC has helped to develop over 16,800 units in 34 counties across Oregon. 41% of these projects were built in rural communities. The Legislature should increase the cap for the Oregon Affordable Housing Tax Credit. The cap is currently $25 million per year, and we will likely reach this cap in 2021. The Legislature should increase the cap to $35 million per year.
Preserve and Maintain existing affordable housing: Across Oregon, we need to maintain our supply of existing affordable housing, and reinvestment is needed to maintain safe, stable, and affordable homes. These funds are needed to help to maintain all regulated, multifamily affordable housing, as well as public housing and manufactured home parks. The Legislature should commit $10 million in Lottery Bonds to meet needs to maintain existing affordable housing across Oregon.
Oregon Individual Development Account (IDA) Initiative: The Oregon Individual Development Account (IDA) Initiative is a matched savings program which helps people with low incomes build assets such as a home, a small business, or an education. The Initiative is flexible, and supports the unique approaches of culturally specific, rural and urban partners as they work to build better futures in their communities. The Initiative is funded through a state tax credit. Because of changes in federal tax law and IRS code, the Initiative is facing significant funding cuts for 2020 and 2021. Action in 2019 (HB 2164) partially addressed these threats, but the cuts will be significant unless the Legislature acts. At least $4.5 million in one-time only resources is needed to keep the Initiative whole through 2019-21 biennium, plus conversion of the credit to general fund for the remaining 2019 credit and all 2020 credit, for a total of $10.1 million additional resources.
In addition, the Housing Alliance has endorsed several proposals.
The Oregon Housing Alliance is convened by the nonprofit Neighborhood Partnerships