Relating to housing; and prescribing an effective date.

The definition of 'eligible housing project' was altered to remove specific affordability criteria for rental properties, simplifying the requirements for what constitutes an eligible project under the funding program.

New requirements were added to establish a local government process for land use approvals based on clear standards and to define responsibilities for landlords and tenants when tenancies are destroyed by natural disasters.

New provisions require the Land Conservation and Development Commission to adopt rules for prioritizing lands added to urban reserves and limit the amount of commercial land that can be used for affordable housing in certain planned areas.

The effective date for the new land use approval process was set to July 1, 2026, while other provisions take effect 91 days after the legislative session ends.

The bill header was updated to reflect Senate amendments dated March 2, and the list of amended statutes was updated to include ORS 197A.445.

Removed a detailed definition of 'eligible housing project' that specified affordability terms for for-sale and rental units, which was previously included in ORS 307.213.

Reorganized the text of the revolving loan program by moving specific eligibility criteria into a new subsection (c) and renumbering subsequent items.

Updated the summary digest to indicate that certain new provisions regarding land use approvals become operative on July 1, 2026.