OR SB50

Up to $60 million from the Local Innovation and Fast Track (LIFT) Housing Program Fund may be used in Clackamas, Multnomah, or Washington County to acquire existing multifamily housing for conversion to affordable rental housing for low-income households

The authorization to use LIFT funds for multifamily acquisition sunsets on June 30, 2027

Updates the funding sources for the LIFT Housing Program Fund to include general obligation bond proceeds under Article XI-Q of the Oregon Constitution, Legislative Assembly appropriations, and loan repayments or foreclosure recoveries

Requires the Housing and Community Services Department to deposit loan repayments and foreclosure proceeds back into the LIFT fund

Declares an emergency, with the act taking effect July 1, 2025