Share your support for SB 684 before the Public Hearing in the Senate on Wednesday, March 12th at 1pm by send a letter to members of the the Senate Housing & Development Committee now! It just takes a minute and every contact make a difference!

🏠Yes on SB 684 - Construction Revolving Loan Fund Spurs Housing Production

With this revolving fund, we can:

📈 Leverage private investment while safeguarding affordability.
🔄 Create a self-sustaining funding cycle, reinvesting repaid loans into future projects.
🏡 Support job creation and strengthen local economies.

The Problem: Oregon’s Housing Crisis & Stalled Development
Oregon faces one of the worst housing shortages in the nation, with a 360,000-home deficit projected over the next decade. Many shovel-ready projects are stalled due to financing gaps caused by high interest rates.

The Solution: A Construction Revolving Fund to Unlock Development
SB 684 establishes a Construction Revolving Fund to provide below-market rate loans for mixed-income housing developments with permanently affordable units. The fund helps cover high-risk construction loans (15-20%), filling gaps left by traditional financing models and facilitating public-private partnerships that drive new housing.

SB 684 Promotes Housing Production

✅ Provides below-market interest rates (0-5%), varying by project, to maximize housing production.
✅ Ensures affordability by prioritizing public ownership, allowing housing authorities to retain ownership and long-term affordability.
✅ Supports public-private partnerships through co-development agreements, ensuring private developers receive structured returns while public entities maintain affordability protections.
✅ Maximizes flexibility in private developer exits, allowing rulemaking to ensure negotiated equity returns, cash flow splits, and profit structures that work for both parties.

What is Mixed-Income Public Development?
A housing model that integrates affordable, workforce, and market-rate units within the same development:

✔ 70% workforce/market-rate
✔ 30% affordable housing, typically 20% at 50% AMI and the remainder at 60-80% AMI.