OAR 813-410-0005. Purpose and Objectives

(1) The Moderate-Income Housing Revolving Loan (MIRL) program was established by Senate Bill 1537 in the 2024 Legislative Session. The program has allocated $55 million in General Fund resources to capitalize the Housing Project Revolving Loan Fund. The MIRL program is intended to support and expand local very low, low- and moderate-income housing production across the state through a revolving loan structure. (2) The MIRL program is limited to the development of new housing, or conversions of non-residential structures to housing, for households earning 120 percent or less of the Area Median Income. Loans are repaid by either of the following: (a) The improvements constituting the Eligible Housing Project will be exempt from property taxes through the duration of the loan term. In lieu of regular property tax payments on the improvements, the Developer / Fee Payer will pay a predetermined annual program fee until the loan is repaid or; (b) Through an alternative funding source.