In what is certainly great news for those who need affordable housing, the state of Oregon introduced a new loan program on Thursday which provides 0% interest loans to cities and counties to build new housing.
The $75 million initiative Moderate-Income Revolving Loan (MIRL) Program empowers local governments to support housing projects targeting families earning up to 120% of the area median income (AMI). The primary goal is to bridge financing gaps that often hinder the construction of affordable housing units. By offering these loans, the state aims to stimulate the development of housing that remains accessible to middle-income families.
A distinctive feature of the MIRL program is its emphasis on local control. Cities and counties have the autonomy to identify and support housing projects that align with their specific needs. This localized approach ensures that housing solutions are tailored to the unique challenges and opportunities within each community. By providing upfront capital to developers through these zero-interest loans, local governments can expedite housing projects that might otherwise be delayed due to financial constraints.
State leaders have expressed strong support for the MIRL program. Governor Tina Kotek highlighted the program’s role in ensuring that all Oregon families can afford a home, emphasizing its importance for the prosperity of businesses and communities. Andrea Bell, Executive Director of Oregon Housing and Community Services (OHCS), noted that the program reinforces the unity and importance of locally driven housing solutions. She stated that the MIRL aims to empower cities and counties by providing loans to support developers, ensuring housing prices are within reach for individuals and families who struggle to secure traditional financing.
The MIRL program represents a proactive step toward alleviating Oregon’s housing crisis. By empowering local governments and providing flexible financing options, the state is paving the way for sustainable housing solutions that can adapt to the evolving needs of its communities.
For over 30 years, The Foundation for Affordable Housing (FFAH) has been helping to build and manage hundreds of affordable housing communities accounting for thousands of homes.
Founded by Tom and Deborrah Willard, our organization is a tax-exempt 501(c)(3) public benefit nonprofit corporation. Read more about FFAH here.
