Oregon's coastal communities are set to receive a significant boost in affordable housing options, thanks to the new Moderate-Income Revolving Loan (MIRL) Program initiated by Governor Tina Kotek. As reported by the Governor's Office, the cities of Coos Bay and Tillamook County are poised to construct an estimated 132 new housing units, marking a pivotal step in tackling the housing affordability crisis plaguing the region.
While celebrating this advancement, Governor Kotek emphasized the need for accessible housing, stating "Hard-working families should have an easier path to finding a home they can afford," in a statement obtained by the Governor's Office . The MIRL program, capitalized by Senate Bill 1537, is designed to serve as a critical financial mechanism enabling the construction of housing for families earning less than 120% of the Area Median Income (AMI).
The zero-interest loans are extended to local cities and counties and are a particular boon to housing projects that have been stalled due to a lack of funding. According to Andrea Bell, Executive Director of the Oregon Housing and Community Services (OHCS), it is imperative to "equip them with more of the resources they need to continue leading the way in making life better and more affordable for our communities," as stated by the Governor's Office. These funds are to be repaid through alternative fees, allowing the state to recycle the resources into future housing ventures.
Nichole Rutherford, City Manager for the City of Coos Bay, told the Governor's Office , "The City of Coos Bay is proud to be among the first communities to implement the Moderate-Income Revolving Loan Program, providing a critical new tool to help bridge financing gaps and make housing projects possible that otherwise wouldn’t pencil out." She predicts that for the working families in their community who need them, this initiative initially unlocks an estimated 50 new units of housing.
In a similar vein, Tillamook County Commissioner Erin Skaar expressed her community's readiness for development, stating, "Tillamook County’s master agreement with OHCS unlocks two shovel-ready housing developments." She indicated during the interview that these projects, comprising 82 new units, would have been financially unattainable without the MIRL program's support, as reported by the Governor's Office,
The strategy championed by Governor Kotek, through the implementation of MIRL, reflects an effort to combat the chronic underbuilding of affordable housing. With an allocation of $75 million to the fund, Senate Bill 1537 not only introduced MIRL but also established the Housing Accountability and Production Office (HAPO) to bolster housing production statewide, as per the Governor's Office.
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