Subcommittee adopts amendment to create mixed-income development loan fund and advances bill

The Transportation Economic Development Subcommittee on Feb. 24 adopted an a-3 amendment to Senate Bill 15 67 and moved the amended bill to the full Ways and Means Committee without objection. LFO staff described the bill as establishing a mixed-income development loan fund to provide below-market short-term loans for mixed-income housing development.

LFO told the committee the loans must be subordinate to other private loans on the property unless a private lender agrees otherwise, and that the Housing and Community Services Department would administer the program using existing staff tied to its direct lending program enacted by Senate Bill 684 (2025). The a-3 amendment transfers $20,000,000 from the housing project revolving loan fund (also called the moderate income loan fund) into the new mixed income development loan fund.

Committee members adopted the a-3 amendment by voice with no objection, and a cochair moved that Senate Bill 15 67 as amended be moved to full Ways and Means; the chair declared the motion adopted with no objection. Committee members discussed likely Senate and House carriers (Senator Pham was noted as a likely Senate carrier) and identified Representative Gamba as a House cosponsor.

The measure will now advance to full Ways and Means for further consideration; committee materials note that the necessary expenditure limitation for the program will be included in the bill's fiscal impact statement and that related staff analyses are posted to the Oregon Legislative Information System.