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Panel urges passage of Amplify Oregon accelerated mortgage program to boost shared-equity homebuying
Summary
Supporters told the House committee that the Amplify Oregon mortgage product — a state-backed, 20-year mortgage blended with private capital — would accelerate equity for buyers in shared-equity models and expand affordable homeownership if additional state funding and bank matches are approved.
Supporters of House Bill 3,235 told the House Committee on Housing and Homelessness that Amplify Oregon, an accelerated mortgage product designed to pair state funds with private capital, would help first-time buyers build equity faster while preserving long-term affordability in shared-equity projects such as community land trusts.
“By blending private bank capital with state funding, we're able to double the impact of the state investment while delivering loans with below market interest rates,” said Bill Van Vliet, executive director of the Network for Oregon Affordable Housing (NOAH). Van Vliet and other lenders said the program’s structure — a 20-year mortgage with monthly payments similar to a 30-year market loan — shifts more monthly payment toward principal and reduces lifetime interest costs.
Karen Sachs of DevNW, a regional affordable housing developer and counseling agency, urged support for HB 3,235 and described the program as compatible with community land trust development. "Amplify Oregon…is built to match the CLT model," Sachs said, noting the pilot received initial funding in 2023 and that finance partners have raised private-match capital and prepared underwriting and servicing infrastructure.
Cameron Harrington of the Oregon Housing Alliance, which participated in the task force that recommended the program, said the program balances the state's interest in preserving long-term affordability with household wealth-building. "Because it's a 20-year mortgage rather than a 30-year, more of every month's payment is going to equity and less to interest," Harrington said.
Lenders and community organizations told the committee the program is structured to be locally controlled — mortgages will be held and serviced in Oregon by participating community development financial institutions and will not depend on the federal secondary market. Bank representatives also testified they are prepared to provide matching capital and enter credit agreements if the legislature funds the state match.
Witnesses asked the committee to fund the program to expand capacity: Van Vliet and partners said an initial round could fund roughly 50 mortgages and additional state funding could support another 75; with bank leverage, they projected approximately seven home loans per $1 million of state investment.
Committee members asked operational questions: how long typical homeowners stay in properties (testimony noted CLT residents often remain 20–30 years, while some first-time buyers explore options after five to seven years), how the program matches LIFT-funded projects and income limits (Amplify loans were described as tied to LIFT project income rules, including an 80% area median income cap for eligibility), and timelines for rolling out loans this spring. NOAH and partners said underwriting documents and bank credit agreements were in progress and that they expected to begin originating loans in the spring.
