Legislation will extend home loan benefits to Oregon Guard and Reservists
June 18th, 2009
HJR 7 will bring state in line with national program for home-ownership
SALEM – The senate backed a resolution to be referred to Oregon voters this afternoon that aligns the ORVET home loan program with the federal Veterans’ Affairs program. House Joint Resolution 7 removes the term “war” in the Oregon Constitution to broaden the eligible pool of veterans to include Oregon National Guard and Reserve members.
“Many of our veterans can use a helping hand after serving time overseas,” said Senator Martha Schrader (D-Canby). “The ORVET program is a great resource for our men and women in uniform that helps them realize home ownership. It should be available to every service person who sacrifices for our country.”
Currently, the Constitution allows only war veterans who were honorably discharged, have been out of service for 30 years, and who served a minimum 210 consecutive days of active duty to participate in the ORVET home loan program. HRJ 7 also eliminates the 30 year time limit on eligibility, making ORVET a lifetime benefit. The resolution is a companion bill to House Bill 3470, which clarifies the definition of “veteran” in Oregon statute. That bill has already passed both chambers.
“A few months ago our state experienced the largest troop deployment since World War II,” said Deputy Majority Leader Laurie Monnes Anderson (D-Gresham), chair of the Senate Committee on Health Care and Veterans’ Affairs. “Many of these troops are Oregon National Guard or Reserve and they should have the same resources at their disposal to transition back to civilian life as any other man or women in uniform.”
The ORVET program is designed specifically to provide veterans the lowest interest rate possible on home loans and is secured through special federal bonding. HJR 7 was recommended by the Governor’s Task Force on Veterans’ Services. The resolution now goes to the Secretary of State to be placed on the ballot for the next general election, to be held in November 2010.
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