Allows designation by the Oregon Department of Administrative Services of certain state-owned and locally nominated lands within an urban growth boundary as home start lands to be used for affordable housing. Exempts home start lands from local land use laws. Allows the department to transfer state-owned home start lands to a developer exempted from ordinary transfer processes once the lands are subject to an affordable housing covenant. Establishes the Home Start Lands Fund to implement the program and to provide loans and grants to develop affordable housing on home start lands or to provide public services for residents. Allows the department to collaborate with the Housing Accountability and Production Office and requires collaboration with the Department of State Lands to implement the program. Exempts home start lands from property tax assessments for a period of up to five years under certain conditions. Takes effect on the 91st day following adjournment sine die.