Establishes the [Preserve Affordable Homes for Oregon] Housing Opportunity, Longevity and Durability Fund to deposit Article XI-Q bonds to be used by the Housing and Community Services Department to preserve affordable housing at risk of loss. Authorizes the State Treasurer to issue $100 million in bonds for the fund for the 2025-2027 biennium. Requires the [Housing and Community Services] department to, with input from stakeholders, report to the interim committees of the Legislative Assembly relating to housing on or before December 1, 2026, on legal and policy barriers to affordable housing production. Declares an emergency, effective on passage.