The Homeownership and Housing Opportunity Bill

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The Homeownership and Housing Opportunity Bill

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The Homeownership and Housing Opportunity Bill (HB 3349) is a common-sense, effective response to Oregon’s statewide housing crisis.

The Homeownership and Housing Opportunity Bill

The Homeownership and Housing Opportunity Bill (HB 3349) is a common-sense, effective response to Oregon’s statewide housing crisis. The bill strengthens homeownership and prevents homelessness, especially among children, without having to raise any new revenue — it simply invests current dollars more wisely and fairly.

Oregon’s housing crisis demands action

  • Rapidly rising home prices keep the dream of homeownership out of reach for too many Oregon families.
  • Many homeowners struggle to hang on to their homes or make essential repairs.
  • Homelessness among school-aged children has been at record levels recently. Homelessness not only inflicts serious suffering on children, but it also undermines their long-term health and educational outcomes. .

HB 3349 redirects $150 million to homeownership and homelessness prevention

  • The bill saves $150 million each budget period from a modest reform of the mortgage interest deduction and dedicates those funds to the Homeownership Assistance Account and the Emergency Housing Account.
  • HB 3349 could help Oregonians build starter homes, keep struggling homeowners in their own homes, help struggling homeowners conduct critical home repairs, and house children currently without a home.

Oregon’s biggest housing subsidy largely benefits those who don’t need help

  • The mortgage interest deduction costs Oregon nearly $1 billion per budget period, making it the state’s biggest housing subsidy.
  • The deduction is structured to benefit the most-well off homeowners: 60% of the subsidy goes to the richest fifth of Oregonians. Many low- and middle-income homeowners do not benefit from the deduction.
  • Renters, by definition, get nothing from this subsidy.

HB 3349 is a modest, common-sense reform of the mortgage interest deduction

  • It phases out the deduction for Oregon’s richest 5% — those who can most easily afford housing. It retains the deduction for 95% of homeowners.
  • It eliminates the deduction for owners of vacation homes. .

By investing our housing subsidy dollars where they are needed most, we can build Oregon communities that we’re all able to afford to call home.

OCPP

OCPP

Written by staff at the Oregon Center for Public Policy.

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