OR HB2964

Housing and Community Services Department must award loans for predevelopment costs of new affordable housing, covering professional services, feasibility studies, development fees, and community engagement—but not land purchases

Eligible loan recipients limited to public benefit nonprofits, religious nonprofits, federally recognized Indian tribes, housing authorities, and developers partnering with these entities

Housing developed with loan funds must include affordability restrictions making units affordable to low-income households for a minimum period set by the department, including limited equity cooperatives

Department must complete initial rulemaking and develop loan applications by June 1, 2026, combining this program with existing predevelopment loan programs (except agricultural workforce housing programs)

Declared an emergency, taking effect immediately upon passage (passed House April 15, 2025; passed Senate June 12, 2025)