OR HB4051

Deferred loans available to first-time home buyers for closing costs, capped at the lesser of actual closing costs or 1% of purchase price, with 6% simple annual interest

Eligibility requires: purchase price at or below county median RMV, minimum 3% cash down payment, fire/casualty insurance, and household income/net worth within limits under ORS 311.668(2)

Loans become due when the home is sold, ownership transfers, the property is no longer the borrower's homestead, or (for mobile homes) moved out of state

Maximum 500 deferred loans per calendar year, funded through the Senior Property Tax Deferral Revolving Account, with claims processed first-come, first-served

Program runs for three years (2026-2028 home purchases), with provisions repealed January 2, 2030; takes effect immediately upon passage as emergency legislation