Rep. Bowman Highlights Advocates, HB3188 in Constituent Newsletter

Representative Ben Bowman’s  (D-25) newsletter this week featured a shoutout to credit union advocates who visited his office during the Credit Union Day at the Capitol on Feb. 5. Bowman also touted the importance of passing HB 3188, the Oregon Welcome Home bill. Bowman is one of the bill’s bipartisan sponsors.

If passed, HB3188 will create a $2.5 million loan loss reserve fund to allow financial institutions to offer 100% financed loans to members. Read more about the bill here.

Keep track of the bill here:  https://olis.oregonlegislature.gov/liz/2025R1/Measures/Overview/HB3188

From Rep. Bowman’s Newsletter:

Credit Unions and Housing

Last week, I had the chance to meet with a group of credit union advocates for “Credit Union Day” at the legislature. We talked about a bill we’re working on together to make homeownership more accessible for Oregonians who can afford rent but feel like buying a home is out of reach.

Here’s the reality: Too many people are working hard, paying their rent every month, but still struggling to cover basic needs—let alone save for a down payment on a home. And in today’s market, if you don’t have tens of thousands of dollars saved up, buying a home just isn’t an option.

This bill helps fix that by making it easier for first-time homebuyers to access a mortgage with no down payment. Credit unions want to offer these loans, and this bill gives them the safety net to do it responsibly. By removing this barrier, we can help working families build equity, which helps build long-term wealth.

The best part? This bill is bipartisan. I’m proud to be chief sponsoring it alongside two of my Republican colleagues, Reps. Christine Drazan and Vikki Breese-Iverson, as well as several of my fellow Democrats.

Posted in Advocacy on the Move, Oregon Advocacy.