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Oregon committee hears hours of testimony on plan to limit state mortgage-interest deduction and fund down-payment aid
Summary
Supporters told the House Revenue Committee HB 4136 would end the state mortgage interest deduction for secondary homes and dedicate about $9–10 million a year to down-payment assistance; industry groups warned it would raise costs for some homeowners and harm coastal economies.
Representative Vanessa Hartman and supporters told the House Revenue Committee on Feb. 16 that House Bill 4136 would preserve the mortgage-interest deduction for primary residences but eliminate the deduction for secondary (non-rental) homes, directing the proceeds into a new Oregon Homeownership Opportunity Account to fund down-payment assistance programs.
Hartman, the bill sponsor, said the change would create a stable funding stream for down-payment assistance delivered by existing homeownership centers and would not require new state offices or HUD certification. "This bill ends state subsidy for personal use vacation properties that remain vacant for much of the year and redirects those dollars into a…
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