Local governments will be permitted to use bonds to finance affordable housing projects with private companies after 56 percent of voters said yes to Measure 102 Tuesday night.
Currently, the Oregon Constitution bars local government from loaning credit or raising money for private businesses. Measure 102 would add an exception to the rule for housing developers, allowing private entities a tool to help pay for affordable housing projects.
Affordable housing has been described as a “crisis” statewide. According to data released by Oregon Housing and Community Services, the state as a deficit of almost 90,000 housing units for residents who earn less than 50 percent of the state’s median income currently estimated at just over $60,000 a year.
The measure passed statewide with 56.02 percent of the vote and 56.71 percent in Lane County.
The measure was aimed at reducing the housing deficit. Potential bonds would still be subject to a public vote with municipalities having to pose the question to the electorate before instituting the bond.