A bill currently in committee in Oregon would raise revenue for the state's housing accounts by ending a subsidy used only by residents who own more than one property around the state.
"Three proposed bills in the Oregon Legislature aim to address housing affordability across the state," reports Whitney M. Woodworth.
The non-traditional approach of these bills, however, will be sure to raise some eyebrows. "Two seek to increase homeownership by providing grants for low-income households and creating a task force to address racial disparities," according to Woodworth. "The other would seriously alter a tax deduction used by hundred of thousands of Oregon homeowners." That third bill would use the additional revenue generated by the end of the subsidy to fund the state's Home Ownership Assistance Accounts, the General Housing Account, and the Emergency Housing Account.
According to Woodworth's account of a recent public hearing held by the Oregon House Committee on Human Services and Housing, the public has already responded to bill that would reform the state's mortgage interest deduction. Perhaps surprisingly, Woodworth says that most at Thursday's meeting favored the change, while only three attendees voiced opposition.
Read the full story: Proposed Oregon bill seeks to exclude second homes, 'well-off' from tax break
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