PASSED HB 4007- FIRST TIME HOME BUYERS SAVINGS ACCOUNT PROGRAM (2018)
During the short 2018 Legislative Session, the Oregon Legislature took a significant step toward addressing the state’s affordable housing crisis by passing House Bill 4007, establishing a First-Time Home Buyer Savings Account program statewide. The program will allow Oregonians to take a state tax deduction for saving money towards a down payment and other related costs associated with the purchase of their first home. The program takes applies to tax years beginning on or after January 1, 2019. The rules provide the responsibilities for banks and credit unions to provide annual statements to account owners who have made qualifying deposits. Qualified savings would be held in a special account opened at any Oregon bank or credit union. Deposits into the account would be tax deductible up to $5,000 a year for individual filers and $10,000 a year for joint filers, with a maximum contribution of $50,000 over 10 years; interest earned on the account also would be tax free. Funds in the account must be used for a down payment or other closing costs associated with the purchase of an existing home or construction of a new home, of any type, and could only be used by people who have never owned a home or who have not owned a home in the last three years.
SUPPORTED THE OWYHEE BASIN STEWARDSHIP COALITION TO PROTECT PUBLIC LAND (2016)
The Oregon Association of REALTORS® extends its congratulations to the Owyhee Basin Stewardship Coalition on its grassroots campaign to stop President Obama from declaring a new 2.5-million-acre-monument area in Eastern Oregon during his final year in office. Through our state issues Mobilization Fund, OAR provided $50,000 in seed money, as well as our consulting services on the initial organizational structure of the campaign. The Our Land, Our Voice campaign grew to 15,000 people strong who, from across Oregon, came together to make their voices heard.
PASSED HB 3488 (2015)
HB 3488 protects consumers from the imposition of private transfer fees on real estate transactions that also pose a significant hindrance to buyers seeking clear title to property and place a substantial barrier to potential buyers in seeking financing.
DEFEATED HB 2564 (2015)
HB 2564 would have lifted the state preemption on inclusionary zoning. Inclusionary zoning is a nebulous term. Generally, the lift on preemption would have allowed every city in Oregon to create their own definition of affordable housing. Our concern with the proposal centered around unintended consequences and the potential to raise prices of homes not designated as “affordable” as an offset for the below market housing.
REALTORS® STOPPED UNNECESSARY AND HARMFUL TAX LIEN PURCHASERS (2014)
The Oregon Association of REALTORS® prevented private companies from purchasing overdue property tax balances and gaining an unfair superior lien position over other lien holders. In addition to unfair lien priorities, House Bill 4112 would have burdened homeowners with high interest rates and the possibility of being foreclosed on by private companies. While purported to benefit the consumer, REALTORS® felt this unnecessary lien priority and exorbitant interest rates would force homeowners into foreclosure and cause harm to the real estate market and consumers.
PROTECTING THE MORTGAGE INTEREST DEDUCTION (MID) AND PROPERTY TAX DISCOUNTS (2013)
The Oregon Association of REALTORS® preserved and protected critical homeownership tools including the mortgage interest and property tax deductions and maintained stability in Oregon’s property tax system.
STOPPED TRANSFER TAXES (2012)
In the 2012 General Election, the Oregon Association of REALTORS® successfully passed Measure 79, which amended the Oregon Constitution to prohibit real estate transfer taxes, fees, and other assessments. This protects Oregonians already paying property taxes from an unfair, double tax.
PROMOTING FLEXIBILITY IN OREGON'S LAND USE SYSTEM (2012)
In the Oregon's first ever, constitutionally approved annual session, legislators supported funding a pilot project in Douglas, Jackson, and Josephine Counties to establish regional definitions of farm and forest lands. On May 10th, 2012, Governor Kitzhaber issued Executive Order 12-07, which orders the Department of Land Conservation & Development (DLCD) to implement a regional land use pilot project. This will help strengthen local job creation and take into account regional differences in farm and forest practices to more accurately identify suitable land for housing, preservation, and economic opportunities. To learn more about this ongoing effort visit: www.soregionalpilot.org.
STRENGTHENING PROTECTIONS FOR CONSUMERS INVOLVED IN SHORT SALES (2011)
The Oregon Association of REALTORS® strengthened protections and clarity for Oregon consumers involved in short sales. In effect today, a lender or its assignee may not collect on a deficiency in a short sale transaction if a 1099-C is issued in connection with the sale. This was a significant victory for Oregonians that was supported unanimously and allows sellers in financial distress to make fully informed decisions in the short sale process.