(at the request of Governor Tina Kotek for Department of Consumer and Business Services)
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Bill Title:
Relating to affordable housing; declaring an emergency.
Catchline/Summary:
Requires the Department of Consumer and Business Services to establish a program to assist eligible entities in paying the costs of property insurance or liability insurance premiums for affordable housing, shelters and other facilities.Digest: Tells a state agency to do a program to help make it easier for people who own or run affordable housing to pay insurance premiums. Sets up a fund for the program. Tells the agency to find ways to support stable prices for insurance for affordable housing. (Flesch Readability Score: 63.1).
[Digest: Tells the state agency that deals with consumers and business to do a study about more affordable housing. Tells the department to report the results of the study to legislators on a committee that deals with housing. Lets the department suggest new laws. Gets rid of the bill at the end of 2026. (Flesch Readability Score: 60.8).]
[Requires the Department of Consumer and Business Services to study affordable housing. Directs the department to submit findings to the interim committees of the Legislative Assembly related to housing not later than September 15, 2026.]
Requires the Department of Consumer and Business Services to establish a program to assist eligible entities in paying the costs of property insurance or liability insurance premiums for affordable housing, shelters and other facilities. Specifies requirements for eligibility for the program. Requires the department to report to an interim committee of the Legislative Assembly related to housing not later than December 15 of each year.
Establishes the Affordable Housing Premium Assistance Fund and continuously appropriates moneys in the fund to the department to implement the department's program.
Requires the department to study the feasibility of creating and operating a state reinsurance program or devising another solution to support price stability in the market for insurance to cover affordable housing.
Declares an emergency, effective on passage.
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SB 829 Joint Committee On Ways and Means
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