Oregon's Governor Tina Kotek, alongside Oregon Housing and Community Services (OHCS), has rolled out a new scheme to tackle the state's housing affordability crisis. The Moderate Income Revolving Loan (MIRL) program is designed to provide zero-interest loans to cities, and counties for new housing projects facing financial shortfalls for construction.
"When Oregonians making a good wage can’t afford to live where they work, our businesses and communities can’t thrive," Governor Kotek highlighted, in a statement obtained by the Oregon Newsroom. The initiative stands as a proactive measure to aid local governments in their effort to push housing construction forward, with the larger aim of reducing housing prices and expanding homeownership to moderate-income residents of Oregon.
OHCS Executive Director Andrea Bell emphasized local government's commitment to improving daily life, stating, "Boosting housing support reinforces the importance and unity we ought to have about getting big things done, through locally driven housing solutions." According to the Oregon Newsroom, the loan program will aid developers by ensuring housing projects are financially feasible, with the intent to serve individuals and families struggling to secure enough traditional credit or financing.
The bipartisan support for the initiative was made clear with Senator Dick Anderson (R-Lincoln City) acknowledging the importance of such innovative tools, "Thank you to Governor Kotek and Representative Marsh for partnering on this important legislation." He also committed to continue working "across the aisle" to address Oregon's critical issues. The housing constructed under the MIRL program must be targeted at families making below 120% of the Area Median Income (AMI), over a ten-year loan lifecycle. The repayments of the fund will cycle back into the program, effectively creating a revolving resource to support more housing in the future.
This initiative falls under a broader housing strategy encapsulated in Senate Bill 1537 (2024), which allocated $75 million to the MIRL Fund and established additional resources for bolstering housing infrastructure. Governor Kotek's administration, paired with these legislative efforts, projects the financing of 2,800 affordable housing units by July 2025, in addition to the provision of infrastructure for over 25,000 affordable and market-rate housing units. The Governor's next budget is expected to further this progress, continuing to expand housing supply for Oregonians in all regions of the state.
