House Joint Resolution 7—Referred to the Electorate of Oregon by the Legislative Assembly of the 2009 Regular Session to be voted on at the General Election, November 2, 2010.
Amends Constitution: Expands availability of home ownership loans for Oregon veterans through Oregon War Veterans’ Fund.
Result of “yes” vote
“Yes” vote extends home loan program for Oregon veterans to lifetime benefit and increases eligibility for non-combat veterans, National Guard veterans and veterans who served after 9/11.
Result of “no” vote
“No” vote retains current law: Some combat veterans who completed service within past 30 years are eligible for loans; other veterans honorably discharged and some National Guard veterans remain ineligible.
The Oregon Constitution currently provides that Oregon combat veterans may receive low-interest home loans from the Oregon War Veterans’ Fund. Veterans must have received an honorable discharge and must have served for more than 210 consecutive days or been released because of injury or disability. Veterans must apply for loans within 30 years after release from service and must show ability to repay the loans. This measure amends the Oregon Constitution to make loans available to more veterans, including National Guard veterans, others who have honorably served overseas and veterans who have not seen combat. This measure would make low-interest home loans a lifetime benefit and would increase the number of honorably discharged veterans and surviving spouses who are eligible for the low-interest loan program.
Estimate of Financial Impact
There is no direct financial effect on either state or local government expenditures or revenues.