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Governor and insurance officials back bill to ease insurance costs for affordable housing; committee carries hearing to March 31
Summary
SB 829 would create a premium‑assistance program, study surplus lines and create an export list to expand insurance options for regulated affordable housing and shelters. State officials and providers testified to steep insurance increases; the committee carried the public hearing to March 31 for additional testimony.
State officials and affordable‑housing providers told the Senate Committee on Housing and Development on March 26 that rising insurance premiums threaten the viability of some regulated affordable housing and shelters, and they expressed support for Senate Bill 829 (dash‑1), which would create a premium assistance program and direct a study of insurance market options.
Sweta Ambati, Governor Kotek's senior housing advisor, told the committee SB 829 would provide "premium relief for insurance rate hikes to regulated affordable housing and to shelter providers," direct a study of longer‑term solutions, and create an export list to allow surplus lines carriers to be considered more…
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