$376M For Oregon Housing Crisis, Now Waits Gov. Kotek’s Signature

Senate Bills 1530 and 1537 have both passed on February 29, 2024. It is now on Governor Tina Kotek’s desk waiting for her signature. The two bills will direct $376 million to various housing sectors and initiatives.

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Oregon Housing Crisis is Gov. Kotek’s priority legislation

In a statement on Monday, Governor Tina Kotek said that Oregonians are struggling under the pressure of an increasingly unaffordable housing market. She said that when she heard this concern from last year, she had to make major progress on Oregon housing crisis in this year’s legislative session.

Because of a 2022 Oregon Housing Needs Analysis ranked Oregon as the fourth in the US in underproducing housing, she already set a goal to build 36,000 homes every year. It’s estimated that to meet the next 20 years demand, Oregon need to add at least 500,000 units.

She is set to sign SB1530 and SB1537 which will direct $376 million to various housing sectors and initiatives, reported by the Statesman Journal.

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SB1530 and SB1537 grants Oregon Cities expansion of their Urban Growth Boundaries

Senate Bill 1537 which is the policy bill was passed in the House on Monday  with 48-8 vote while the Senate Bill 1530 which is the budget bill passed with 51-6 vote. This package grants Oregon Cities a one-time expansion of their Urban Growth Boundaries. Reported in the Statesman Journal, 50 acres for cities under 25K people, 100 acres for cities more than 25K and 300 acres in the metro area. The cities must make 30% of housing in the expanded area and must demonstrate their need for housing and land.

$75 million is set to be revolving loan fund to boost moderate-income housing units. $94 million allocated for 44 “shovel-ready” projects. $18 million for 27 recovery housing projects. $29 million is allocated to three organizations to purchase and develop affordable housing. $24.5 million is allocated to “healthy and safe homes”. $65 million for emergency shelters and project turnkey sites. Remaining fund is for additional investments.

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