Committee adopts amendment to allow LIFT funds to acquire multifamily housing for conversion to affordability

The Senate Committee on Housing and Development on March 31 adopted the dash-5 amendment to Senate Bill 50 and advanced the bill to the Senate floor with a due-pass recommendation and referral to the Joint Committee on Ways and Means.

Under the amendment and the discussion recorded in the work session, up to $60,000,000 of monies in the LIFT program fund that were allocated to Clackamas, Multnomah or Washington counties may be used to acquire existing multifamily housing for conversion to affordable housing for low-income individuals and households. Vice Chair Anderson and Chair Pham confirmed the set-aside would come only from the portion of the LIFT pot restricted for the Portland Metro region and would not reduce funds allocated for areas outside the Portland Metro region.

Vice Chair Anderson moved to adopt the dash-5 amendment; hearing participants raised and the Chair noted the intent to add a budget note to make the regional source of funds explicit. The clerk called the roll on the motion to move the amended bill to the floor; the recorded votes were: Senator Broadman — Aye; Senator Nash — Aye; Senator Patterson — Aye; Vice Chair Anderson — Aye; Chair Pham — Aye. The motion passed.

Ending: The amendment and the committee’s referral send SB 50 to Ways and Means for further action on the proposed use of LIFT funds for acquisitions and conversion to affordability.