On March 6, the Oregon Legislature approved a major package of infrastructure bonding investments that will support housing construction, modernize community infrastructure and strengthen Oregon’s economy for decades to come.
Senate Bill 5701 and Senate Bill 5702 authorize state bonding to fund projects across Oregon, including affordable housing, higher education and community development projects.
“These investments are about protecting what makes Oregon special, while simultaneously building a stronger future for all Oregonians,” said Rep. Tawna Sanchez (D-Portland), co-chair of the Joint Ways and Means Committee. “These projects will expand housing, support higher education and strengthen our state’s economy for generations.”
Major provisions of the bills include:
- Addressing the state’s housing shortage by investing $75 million to build, purchase or renovate affordable rental housing, and $25 million to preserve existing affordable housing.
- Investing $42.5 million for OSU Cascades, ensuring this regional economic engine has the facilities and capacity to serve growing student enrollment.
- Securing the future of the Moda Center with a $365 million investment in renovations, contingent on funding commitments from the City of Portland, Multnomah County and the Portland Trail Blazers organization, while ensuring strong protections for Oregon taxpayers.
- Supporting economic development in Portland’s historically Black Albina neighborhood with a $11.5 million investment in Williams & Russell Community Development Corporation for affordable office and retail space for small businesses.
- Bolstering rural communities by funding water treatment and other infrastructure projects in localities from Gold Hill to Warrenton.
“Investing in housing, infrastructure and community development is how we build an economy that works for everyone,” said Sen. Kate Lieber (D-SW Portland and Beaverton), co-chair of the Joint Ways and Means Committee. “These projects will create jobs today while helping ensure every Oregon has the opportunity to live, work and thrive in their community.”
The bonding package supports projects in communities across Oregon and helps ensure the state can continue modernizing the infrastructure that families, businesses and local governments depend on. It now goes to the Governor’s desk for her signature.
