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Committee considers SB 50 to set aside LIFT funds for metro acquisitions to convert market housing to affordable units
Summary
Senate Bill 50 received a March 12 hearing proposing a LIFT set‑aside—$60 million from the metro LIFT allocation—to buy recently built multifamily properties in the Portland metro area for conversion to long‑term affordable housing.
Senator Khan Pham opened a public hearing March 12 on Senate Bill 50, which would allow LIFT (the Local Innovation and Fast Track fund) to be used to acquire recently constructed multifamily housing and convert those units to long‑term affordable housing for low‑income households in the Portland metropolitan area.
What the draft does: witnesses described a planned dash‑2 amendment that would direct a one‑time set‑aside of $60,000,000 from the portion of LIFT already allocated to the metro tri‑county region and make that money available for acquisitions in the upcoming biennium. Testimony explained the amendment is intended to be a soft set‑aside: funds reserved for Metro acquisitions that revert to general metro LIFT allocation if unused. Committee members asked whether the set‑aside would…
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