OR HB3235

Housing and Community Services Department shall grant $10 million from the General Fund to the Network for Oregon Affordable Housing (NOAH) for the 2025-2027 biennium, increased from the previous $7.5 million appropriation

NOAH must demonstrate at least $10 million in dedicated private funding before receiving the state grant, up from the previous $7.5 million requirement

Loans help first-time home buyers of affordable housing (including cooperatives and condominiums) build equity faster through 20-year or shorter terms with reduced fixed interest rates, while maintaining monthly payments similar to a standard 30-year mortgage

Borrowers must be low-income households, work with a HUD-approved housing counseling agency, and purchase dwellings subject to affordability restrictions that limit equity gains from appreciation

Program sunset date extended from January 2, 2026 to January 2, 2028, with legislative reporting deadlines moved to September 2027 and September 2029; effective July 1, 2025