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83rd OREGON LEGISLATIVE ASSEMBLY--2025 Regular Session
Enrolled
House Bill 2698
Sponsored by Representative RUIZ, Senator GORSEK; Representatives ANDERSEN, BOWMAN,
CHOTZEN, DOBSON, FAHEY, FRAGALA, GAMBA, GRAYBER, HARTMAN, HUDSON,
KROPF, LEVY E, NERON, NOSSE, WATANABE, Senators CAMPOS, MEEK, PATTERSON,
WEBER (Presession filed.)
CHAPTER .................................................
AN ACT
Relating to homeownership goal; and declaring an emergency.
Whereas the majority of Oregonians consider homeownership as a priority; and
Whereas family economic well-being does not come solely from income, spending or consump-
tion, but instead requires savings, investment and the accumulation of assets; and
Whereas it is appropriate for the state to institute an asset-based antipoverty strategy; and
Whereas Oregonians struggle to attain homeownership due to chronic underproduction of
housing units across this state, low housing inventory and vacancy rates, rapidly increasing housing
costs and limited public investment in homeownership programs; and
Whereas homeownership provides households, and especially households of limited means, the
opportunity to build personal and generational wealth; and
Whereas there exist substantial disparities in the rates of homeownership among many commu-
nities of color, other marginalized communities and white communities; and
Whereas homeownership rate disparities are currently greater than at any time since the pas-
sage of the federal Fair Housing Act and exist in part due to policies at all levels of government
which, explicitly or in effect, excluded many marginalized communities from homeownership oppor-
tunities; and
Whereas disparities in homeownership rates are one of the primary drivers of the existing racial
wealth gap in the United States; and
Whereas increasing homeownership among communities of color is a sound and sustainable
strategy to reduce the existing racial wealth gap in this state; and
Whereas nationally, home equity is attributable to more than 50 percent of the estimated net
worth of Black and Hispanic households and more than 80 percent of the estimated net worth of
low-income households; and
Whereas homeownership provides households with increased housing stability, especially during
periods of financial or economic downturn; and
Whereas homeownership is attributable to higher rates of civic and social engagement; and
Whereas homeownership contributes to improved physical and mental health outcomes; and
Whereas homeownership diminishes household reliance on public assistance; and
Whereas children of homeowners, and especially children of low-income homeowners, achieve
higher rates of high school graduation and college attendance; and
Whereas according to data from the 2023 American Community Survey, the homeownership rate
in Oregon in 2023 was 63.4 percent; now, therefore,
Enrolled House Bill 2698 (HB 2698-A) Page 1
Be It Enacted by the People of the State of Oregon:
SECTION 1. (1) It is the policy of this state to pursue a goal of attaining a statewide
homeownership rate, as determined by the American Community Survey of the United States
Census Bureau, in aggregate and for each disaggregated racial or ethnic population for which
demographic data is provided, of:
(a) At least 65.05 percent by 2030;
(b) At least 1.65 percent more than the goal in paragraph (a) of this subsection by 2035;
(c) At least 1.65 percent more than the goal in paragraph (b) of this subsection by 2040;
and
(d) At least 1.65 percent more than the goal in paragraph (c) of this subsection by 2045
and in subsequent years.
(2) This section does not create any additional authority for the executive department,
as defined in ORS 174.112.
SECTION 2.
The Housing and Community Services Department shall create, and annually
update, a publicly available homeownership goal dashboard that includes tracking of the
progress, based on the homeownership rate, toward the homeownership goal under section
1 of this 2025 Act:
(1) For the entire state, in aggregate and disaggregated by race and ethnicity; and
(2) For each region that is established under ORS 184.453 (1), in aggregate and disaggre-
gated by race and ethnicity.
SECTION 3.
This 2025 Act being necessary for the immediate preservation of the public
peace, health and safety, an emergency is declared to exist, and this 2025 Act takes effect
on its passage.
Passed by House April 2, 2025
..................................................................................
Timothy G. Sekerak, Chief Clerk of House
..................................................................................
Julie Fahey, Speaker of House
Passed by Senate May 20, 2025
..................................................................................
Rob Wagner, President of Senate
Received by Governor:
........................M.,........................................................., 2025
Approved:
........................M.,........................................................., 2025
..................................................................................
Tina Kotek, Governor
Filed in Office of Secretary of State:
........................M.,........................................................., 2025
..................................................................................
Tobias Read, Secretary of State
Enrolled House Bill 2698 (HB 2698-A) Page 2