022423 Real Estate Directory

Oregon proposes $200M for housing

Much of the money would fund a $130M homelessness and housing budget ask from Gov.Tina Kotek

Claire Rush

PORTLAND, Ore. — Democratic lawmakers in Oregon have proposed a $200 million spending package to tackle homelessness and housing as the state struggles to build more homes and move a growing number of people off the streets.

“Affordable housing has to be our number one goal,” Democratic state Rep. Maxine Dexter said during a news conference on Wednesday. “That’s really where the root cause of homelessness is coming from.”

Much of the money would fund the $130 million housing and homelessness budget request that Gov. Tina Kotek, upon taking office last month, urged lawmakers to allocate as soon as possible. The funds would create 600 shelter beds and go toward housing more than 1,000 people currently without shelter, among other things.

Kotek’s budget request was paired with an executive order that declared a homelessness state of emergency in parts of the state — mostly near big cities, where the number of people living

outside has increased by more than 50 percent since 2017. While largely welcomed by advocates, the executive order was criticized by some lawmakers because it excluded many rural areas.

In an apparent bid to address that criticism, the package unveiled Wednesday provides $27 million for homeless services in 25 rural counties.

About 4,000 of the nearly 18,000 homeless people in

U.S. average mortgage rates jumps to highest level since November

ASSOCIATED PRESS

The average long-term U.S. mortgage rate jumped this week to its highest level since November, more grim news for a housing market that’s been in decline for a year.

Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate rose to 6.5 percent from 6.32 percent last week. The average rate a year ago was 3.89 percent.

The average long-term rate reached a two-decade high of 7.08 percent in the fall as the Federal Reserve continued to raise its key lending rate in a bid to cool the economy and quash persistent, four-decade high inflation.

At its first meeting of 2023 earlier this month, the Fed raised its benchmark lending rate by another 25 basis points, its eighth increase in less than a year. That pushed the central bank’s key rate to a range of 4.5 percent to 4.75 percent, its highest level in 15 years.

Fed Chair Jerome Powell noted at the time that some measures of inflation have eased, but appeared to suggest that he foresees two additional quarter-point rate hikes this year.

Minutes from that meeting released Wednesday mostly corroborated that view, but a series of strong economic reports in recent weeks has some analysts forecasting more than two rate increases this year, to a range of 5.25 percent to 5.5 percent.

The rate for a 15-year mortgage, popular with those refinancing their homes, climbed this week to 5.76 percent from 5.51 percent last week. It was 3.14 percent one year ago.

Oregon live in rural areas, according to the latest 2022 federal point-in-time count.

“As a legislator representing parts of rural and coastal Oregon, it’s important to me that we make sure our state’s response to homelessness reached the 25 rural counties and the hundreds of small cities and towns in those parts of Oregon,” said Democratic state Rep. David Gomberg.

The package would ex-

pand homeless services for youth and increase rental assistance for tenants facing eviction notices. It would also aim to boost affordable housing construction by changing land-use rules and investing $20 million in the factory production of modular homes, notably those built with mass timber. While environmentalists say the mass timber industry could lead to increased

deforestation, officials across the state, including Gov. Kotek, are hoping it will speed up housing construction and create jobs in rural areas hit hard by the decline of logging.

Kotek has set a new housing construction target of 36,000 units per year — an 80 percent increase over current production — in an effort to address the state’s housing shortage.

Democratic lawmakers

presented the package Wednesday as bipartisan, naming two Republican colleagues who worked with them on certain measures.

While those Republicans acknowledged the crossaisle collaboration, they said more work still needs to be done.

“I don’t feel that it’s time to take a victory lap on this issue because the bill doesn’t go far enough to accelerate production in the short term to reach the Governor’s annual production goal — not to mention it’s not a finalized package,” said Republican state Sen. Dick Anderson in an emailed statement.

The package still has to work its way through committees. Democratic lawmakers said they hope to pass it by mid-March.

Oregon has grappled for years with interconnected affordable housing and homelessness crises. It is short 140,000 housing units, analysts and agencies have estimated, and federal data shows its homeless population has increased by 22 percent since 2020.

•••

Claire Rush is a corps member for the Associated Press/ Report for America Statehouse News Initiative. Report for America is a nonprofit national service program that places journalists in local newsrooms to report on undercovered issues. Follow Claire on Twitter.

ASSOCIATED PRESS

GENE J. PUSKAR / ASSOCIATED PRESS FILE

In this aerial photo, tents housing people experiencing homelessness are set up on a vacant parking lot in Portland, Ore., on Dec. 8, 2020.

IN ESCROW

HANAPEPE

SALES Account ExEcutivE

We are looking for the right candidate to call on new and current customers and market our numerous advertising solutions to grow our customer’s business. This person will prospect new business and grow the current account base. Comfort with cold-calling is a must. He/she will be able to represent numerous newspapers, magazines, website and digital products, be able to match those products to the customer’s needs and make sales presentations to key decision makers. A high school diploma is required. A Bachelor’s degree in marketing or business is preferred. An aptitude for understanding statistical information and basic computer skills are necessary. He/she also must possess excellent verbal and written communication skills and be able to successfully multi-task. If you want a career with a fast paced, top media company with excellent pay and benefits, we want to hear from you.

Our full-time employees enjoy a generous benefit package that includes: Medical, Dental, Company-Matched 401K as well as sick leave and paid vacation.

RS-64829 (RS) ABR, CRS, e-PRO, SFR, SRS 808-652-3886 shelly@kauairealty.net