The Moderate-Income Revolving Loan Program (MIRL), established by Senate Bill 1537 (2024), capitalizes a 75-million-dollar investment to support local efforts in increasing production of both rental and homeownership housing for households earning up to 120% of area median income. According to the Oregon Housing and Community Services Department (OHCS), MIRL funding can be used to fill a gap in eligible project financing, allowing OHCS to issue loans to cities and counties (referred to as sponsoring jurisdictions), who then award the funding as a grant to housing project developers.
The loan is repaid to OHCS in lieu of property taxes on project improvements to replenish the revolving loan for funding future MIRL projects. MIRL funding is allocated on a first-come first-serve basis. A maximum of $50 million is available in the first two years with 20% of that being allocated to rural communities.
OHCS staff presented an overview of the program at the AOC Transportation and Community Development Steering Committee meeting in October (View slides).
The Association of Oregon Counties (AOC), the League of Oregon Cities (LOC), the Oregon Homebuilders Association, and OHCS are holding a joint webinar about the program.
Webinar: Making MIRL Work For Your Community
Date: Wednesday, Nov. 5
Time: 3-4:30 p.m.
Click here to join the webinar
More information and additional resources are available on the MIRL Webpage, or you can schedule a 1:1 Technical Assistance meeting with the MIRL Team from OHCS.
Contributed by: Branden Pursinger | Legislative Affairs Manager