Write a letter in support of the Homeownership and Housing Opportunity Bill (HB 3349A)

On Monday, April 15, the House Revenue Committee held a hearing on HB 3349A, our bill to reform the mortgage interest deduction.

This is great news – the furthest this bill has advanced. We recruited community leaders to testify including real estate brokers, faith-based, health care, housing, and good governance leaders.

Submit written testimony in support of HB 3349A to House Committee on Revenue.

Address your letter to Chair Nathanson, Vice-Chair Findley, Vice-Chair Marsh and Members of the Committee. Tell the Committee about all the good work your organization could do if you had resources from this reform. 

Email to: lro.exhibits@oregonlegislature.gov

Read more about the bill, and our possible list of investments developed by two Housing Alliance workgroups.

The bill strengthens homeownership and prevents homelessness, especially among children, ​without having to raise any new revenue ​ — it simply invests current dollars more wisely and fairly.

Oregon’s housing crisis demands action:

  • Rapidly rising home prices keep the dream of homeownership out of reach for too many Oregon families.
  • Many homeowners struggle to hang on to their homes or make essential repairs.
  • Homelessness among school-aged children has been at record levels recently. Homelessness not only inflicts serious suffering on children, but it also undermines their long-term health and educational outcomes.

HB 3349A redirects $150 million to homeownership and homelessness prevention:

  • The bill saves $150 million each budget period from a modest reform of the mortgage interest deduction and dedicates those funds to the Homeownership Assistance Account and the Emergency Housing Account.
  • HB 3349 could help Oregonians build starter homes, keep struggling homeowners in their own homes, help struggling homeowners conduct critical home repairs, and house children currently without a home.

Oregon’s biggest housing subsidy largely benefits those who don’t need help:

  • The mortgage interest deduction costs Oregon nearly $1 billion per budget period, making it the state’s biggest housing subsidy.
  • The deduction is structured to benefit the most-well off homeowners: 60% of the subsidy goes to the richest fifth of Oregonians. Many low- and middle-income homeowners do not benefit from the deduction.
  • Renters, by definition, get nothing from this subsidy.

HB 3349A is a modest, common-sense reform of the mortgage interest deduction

  • It phases out the deduction for Oregon’s richest 5% — those who can most easily afford housing. It retains the deduction for 95% of homeowners.
  • It eliminates the deduction for owners of vacation homes.
  • By investing our housing subsidy dollars where they are needed most, we can build Oregon communities that we’re all able to afford to call home.

Find more about the bill at HB 3349 

For Info: Contact Brian Hoop, Housing Oregon, brian@housingoregon.org or 503-475-6056