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House committee hears support for $100 million bond-backed preservation fund to save at-risk affordable units
Summary
Lawmakers heard testimony urging creation of a Housing Opportunity Longevity and Durability (HOLD) Fund through HB 4036, including a dash-2 amendment that dedicates $100 million in Article XI‑Q bond proceeds to preserve existing affordable rental housing and manufactured-home parks at risk of loss.
Chair Marsh opened the public hearing on House Bill 4036, a committee bill that would create a state preservation fund for affordable housing. Proponents urged the committee to adopt the dash-2 amendment, which names the account the Housing Opportunity Longevity and Durability (HOLD) Fund and dedicates $100 million in Article XI‑Q bond proceeds to purchase, rehabilitate and safeguard at-risk affordable homes.
Cameron Harrington, director of policy and advocacy at the Oregon Housing Alliance, told the committee HB 4036 is intended to complement the LIFT program by preserving existing regulated affordable units that cannot generate sufficient operating surpluses for recapitalization. Harrington said the department of housing and services and legislative counsel have advised that general obligation bonds can be used for preservation and that the dash-2 amendment requires OHS to report back to both housing committees by the end of the year on operational barriers that contribute to vacant units and financial instability.
Advocates described local examples to illustrate need. Jessica Blakely, deputy director of the Salem Housing Authority, cited Wood Springs Apartments (172 homes preserved) and Orchard Park (224 homes undergoing full rehabilitation) as cases where state preservation resources allowed families to remain housed while buildings were upgraded. Peter Hainley, executive director of CASA Oregon, described resident-owned conversions of manufactured housing communities, saying CASA has preserved 28 co-ops and that the average preservation unit cost has been significantly lower than new construction.
Witnesses urged the committee to view preservation as fiscally prudent and socially stabilizing. Harrington highlighted OHS’s preliminary biennial request of $350 million for preservation and said earlier lottery bond allocations of $50 million meet only a fraction of the need. He said, “There is more affordable housing at risk of being lost than we can build,” and estimated as many as 10,000 units could be lost in the next four years without additional preservation resources.
No committee vote on HB 4036 was recorded at the hearing. Chair Marsh closed the public testimony after the panel presentations and noted the dash-2 amendment and its $100 million figure are posted online. The bill will remain before the committee for future action during the short session.
