OR HB3589

Housing and Community Services Department must establish a senior housing development initiative to incentivize housing for older adults and persons with disabilities, prioritizing visitability and accessibility features

$24 million transferred from the Senior Property Tax Deferral Revolving Account to the General Fund, with $23.5 million appropriated for housing development/rehabilitation/preservation and $500,000 for technical assistance

Department of Revenue must annually estimate Senior Property Tax Deferral Revolving Account obligations and transfer surplus funds to the General Housing Account for the senior housing initiative (operative January 1, 2027 through July 1, 2031)

Amends ORS 317.097 to allow affordable housing tax credits for lending institutions even when projects receive moneys from the Elderly and Disabled Housing Fund

Initiative excludes housing for care purposes and requires regular public updates tracking goals and progress for affordable rental housing targeted to older adults and persons with disabilities