Addressing the pressing housing needs of moderate-income families, Governor Tina Kotek has spearheaded the creation of the Moderate-Income Revolving Loan (MIRL) Program to finance the construction of new housing units in Oregon. This initiative aims to put roofs over the heads of those earning less than 120% of the Area Median Income, according to a recent announcement by the Governor and Oregon Housing and Community Services. Coos Bay and Tillamook County are the first beneficiaries, with plans to construct an estimated 132 units as they trailblaze the use of this new loan program, as reported by the Governor's Office.
Breaking it down, the MIRL program offers zero-interest loans to cities and counties in a bind for sufficient construction funding. This arrangement enables the state to recycle funds, providing an ongoing source of financing for future housing projects. "Hard-working families should have an easier path to finding a home they can afford," Governor's Office stated in a publication, adding, "We must work together and use every tool we have to achieve housing affordability for every Oregonian." However, the repayment of these loans comes via a fee instead of property taxes over the usual ten-year loan period.
Flexibility is key in Governor Kotek's strategy, giving local governments the liberty to tailor the MIRL Program to their community's specific demands. Oregon Housing and Community Services doesn't leave these local leaders in the lurch, offering a toolkit and staff assistance to help set up their local programs. Nichole Rutherford, Coos Bay City Manager, expressed the potential impact of MIRL, "We expect this program to be a game-changer for our city’s efforts to encourage housing development," she told the Governor's Office, pointing to an expected 50 units in Coos Bay. Similarly, Tillamook County Commissioner Erin Skaar highlighted that their master agreement with Oregon Housing and Community Services will kickstart two housing developments comprising 82 units that previously lacked funding.
The conception of MIRL is part of Governor Kotek's larger plan to combat decades of inadequate housing construction and improve home availability and affordability across Oregon. This plan was set forth by Senate Bill 1537, known as the Governor's 2024 housing package, which provided the necessary $75 million funding to fuel the MIRL initiative. This bill also created the Housing Accountability and Production Office among other resources to ratchet up housing production, further demonstrating the Governor's commitment to addressing housing challenges, as per the Governor's Office.
