HB 3809
Establishes a quarterly allocation of lottery moneys to the Housing and Community Services Department for the individual development account program.
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Support
100%
Oppose
0%
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill directs the state to allocate a portion of lottery revenue to the Housing and Community Services Department. Specifically, $20 million will be provided from the General Fund to support the individual development account (IDA) program. The IDA program helps Oregon residents save for specific goals like homeownership or starting a business. An emergency declaration allows the bill to take effect immediately on July 1, 2025.
Key provisions
- Allocates $20,000,000 from the General Fund.
- Designates the Housing and Community Services Department as the recipient.
- Funds the individual development account (IDA) program.
- ORS 458.675 to 458.700 are covered by this allocation.
- The allocation is made for the biennium beginning July 1, 2025.
Who is affected
- Oregon Residents
- Housing and Community Services Department
- Lottery Players
Notable changes
- Establishes a dedicated quarterly funding stream for the IDA program.
- Increases funding for the IDA program by $20 million.
Fiscal impact
The bill appropriates $20,000,000 from the General Fund for the individual development account program.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
E. Werner Reschke
Gregory Smith
Arguments in favor
Reasons to support this legislation.
Supporters of HB 3809-1 urge the Legislature to fix the funding for Oregon's Individual Development Account program, a matched-savings program that provides education and individualized support to help participants achieve their financial goals. The program has helped over 19,000 Oregonians achieve financial stability and long-term success, but stagnant state tax credit revenue since 2009 threatens its continued availability. If not addressed, the funding will shrink by 50%, posing a risk to the program's long-term success and exacerbating poverty. Increasing funding is necessary to keep pace with inflation and rising costs associated with IDA savings goals, promoting financial independence, education, and economic mobility among low-income individuals and families. By supporting HB 3809-1, lawmakers can demonstrate their commitment to addressing poverty and promoting economic mobility.
Source: Testimony Summaries
Arguments opposed
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