In an emergency session, the Oregon Legislature created a $150 million Landlord Compensation Fund (the “Fund”) (House Bill 4401). The goal of the Fund is to compensate residential landlords for up to 80% of past-due rent for qualified tenants who sign a declaration of financial hardship resulting from loss of household income, increased medical expenses, loss of work or wages, or other circumstances.
In the coming weeks, the Oregon Housing Stability Council, which supports Oregon Housing and Community Services (“OHCS”), will develop program materials, with an anticipated launch in late January 2021.
Funding is based upon the number of units owned and with the highest percentage of unpaid rents. Having current and precise data on current tenant debt will be critical to secure funding. We expect these funds to go quickly.
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