OR HB3236

Expands Oregon's corporate excise tax credit for lending institutions that make below-market loans for affordable housing construction, development, acquisition, or rehabilitation

Creates a new "qualified mortgage loan fund" category allowing tax credits for contributions to funds that provide mortgages to first-time home buyers with incomes at or below 80% of area median income, including homes under land trust mortgages

Adds eligibility for loans financing preservation or rehabilitation of distressed affordable housing properties without requiring the typical rent assistance contracts, as long as units serve households at 80% AMI or less

Tax credit equals the difference between the below-market interest charged and market rate, capped at 4% of the average unpaid loan balance per year, with unused credits carried forward up to 5 years

Applies to loans made and tax years beginning on or after January 1, 2026; takes effect 91 days after legislative adjournment