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M102: Allows local bonds for financing affordable housing with non-governmental entities
| INCUMBENT |
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Party | YES |
| Name | Yes |
| Won | 11/06/2018 |
| Votes | 1,037,922 (56.90%) |
| Margin | 251,697 (+13.80%) |
| Term | 01/01/2019 - 12/31/2999 |
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> United States > Oregon > Measures > 2018 Measures
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| Established | 00, 0000 |
| Disbanded | Still Active |
| Contributor | RP |
| Last Modified | RP October 09, 2018 10:25am |
| Description |
Measure 102 amends the Oregon Constitution to add an exception for affordable housing. Under the measure, local governments may use bond proceeds to lend money to, invest in or pay a private company, corporation, or other nongovernmental entity for the capital costs to buy or build affordable housing.
In order to use this exemption, local governments must first obtain voter approval in an election in which the bond measure describes the “affordable housing” to be bought or built. The only bonds eligible for the exemption are those paid from new property taxes upon voter approval.
A local government that issues the bonds must provide public reporting on and annual audits of the expenditure of the borrowed funds. Ballot Measure 102 caps each local government’s total bonded indebtedness for capital costs of affordable housing at one-half of one percent of the real market value of all property in the local government.
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