February 3, 2020 Comments Off on Oregon Governor Proposes Using Real Estate Transfer Fees for Affordable Housing Views: 655 Oregon, Pacific Northwest, Seattle & Pacific Northwest News

Oregon Governor Proposes Using Real Estate Transfer Fees for Affordable Housing

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Oregon Gov. Kate Brown is proposing an amendment to the Oregon Constitution that would allow new state real estate property transfer charges or rate increases to existing charges. House Joint Resolution 203 would then take the money raised to be used “exclusively” to fund or finance affordable housing in the state.

Charles Boyle, a spokesman for Brown, told the Business Journal the proposal is aimed at establishing a dedicated funding source to pay for affordable housing. A property’s taxable value would be exempt on the first $500,000 and lawmakers have the flexibility to adjust the exemption for changes in inflation.

The resolution comes as the legislature gathers for a short session this week. If approved by the lawmakers, the amendment would be put before Oregonians in the next general election.

Read more at Portland Business Journal

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