S.F. No. 3357 Summary

• Proposes a constitutional amendment to increase sales and use tax by three-eighths of one percent beginning July 1, 2025 through June 30, 2050, with revenues dedicated to three housing funds: 25% homeownership opportunity fund, 25% community and household stability fund, and 50% rental opportunity fund.

• Creates the Community and Household Stability Fund to provide emergency assistance, legal services, educational services, outreach services, and emergency shelter/transitional housing for persons experiencing or at risk of homelessness or displacement.

• Creates the Homeownership Opportunity Fund to finance acquisition, rehabilitation, conversion of rental property to owner-occupied housing, down payment assistance, accessibility grants, and homeownership education for first-time homebuyers.

• Creates the Rental Opportunity Fund to finance acquisition and development of rental housing, rental assistance programs, and supportive services for renters.

• Establishes three advisory councils (Community and Household Stability Council, Homeownership Opportunity Council, and Rental Opportunity Council) to develop strategic plans, recommend appropriations, and report to the legislature; amendment requires voter approval at 2024 general election.