Today, the Oregon Legislature met for a third special session to extend the eviction moratorium. We knew this extension was coming and have been working to advocate to the Legislature to ensure that there are some key provisions in the bill.
House Bill 4401, which was passed today, extends the eviction moratorium through June 2021 and creates a $150 million compensation fund for rental property owners, as well as another $50 million for a tenant fund to be used for rent. The owner compensation fund will be available to any rental property owner who is owed back rent, though it will require forgiving 20% of the rental debt.
The bill will require tenants to sign a declaration that they have been impacted by COVID-19 in order to delay rental payments. If they do not sign, they may be evicted with 10 days’ notice.
We know many of our REALTOR® members are also rental property owners, and we understand the financial hardship. We are thankful to get key provisions in the bill to start to correct for that, but there’s more work to be done.
For example, we will advocate for a tax credit for the remaining 20% of owed rent. And we will continue to work closely with members of the Legislature to advocate for our members’ livelihood throughout this pandemic.
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