Multiple housing advocates told the Joint Capital Construction Committee on May 2 that the governor's recommended capital package could finance thousands of affordable homes and that the legislature should add dedicated preservation funding.

Caleb Gant, deputy director at Oregon Housing and Community Services, said the governor's proposal combines allocations for the LIFT rental program, LIFT homeownership, and permanent supportive housing into roughly $880,000,000 in Article 11‑Q bonds. "That investment in LIFT would add over 5,500 homes across the state," Gant said, and he told the committee permanent supportive housing funds would add about 400 units for people experiencing chronic homelessness.

Advocates also urged a preservation allocation. Trell Anderson of Northwest Housing Alternatives and other speakers said Oregon faces a wave of aging affordable properties at risk of foreclosure or loss of affordability and asked the committee to set aside funding to recapitalize and preserve those units. "Preservation is a high priority," Anderson said, adding that some nonprofit owners have properties with capital needs that threaten continued operation.

Kathleen Swift, senior vice president at Heritage Bank, told the committee bank and developer partners are concerned that foreclosures and at‑risk properties could reduce the availability of new construction financing. "We are at risk of losing a meaningful portion of two decades of taxpayer investment in affordable housing unless we rapidly deploy a dedicated preservation funding program," she said.

Why it matters: Testimony framed bonds as a tool both to finance new affordable housing production and to preserve existing units whose loss would increase homelessness and undermine financial capacity for future projects. Advocates asked the legislature to consider a new preservation category similar to existing permanent supportive housing set‑asides.

What was not decided: The committee heard testimony but did not take action. Advocates offered additional written testimony and emphasized they will work with committee staff and legislators to refine measures for preservation funding.

Ending note: Housing witnesses urged timely legislative action to move both production and preservation funding forward to avoid losing existing affordable homes while continuing to build new ones.