Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Coos Bay adopts state-backed moderate-income revolving loan program ordinance
Summary
Coos Bay City Council approved an ordinance joining Oregon's moderate income revolving loan (MIRL) program, allowing the city to apply for and pass through OHCS loans or grants to support moderate-income housing projects such as the Timber Cove development.
The Coos Bay City Council voted unanimously Tuesday to adopt an ordinance authorizing the city's participation in Oregon's moderate income revolving loan program, a state-funded program intended to help finance housing for moderate-income households. The council enacted Ordinance No. 587 after a public hearing and discussion of program details. The ordinance implements statutory authority created by Senate Bill 1537 (2024) as amended by SB 48 (2025) and authorizes the city to enter into agreements with Oregon Housing and Community Services (OHCS) to receive and pass through loans or grants to qualifying projects. City staff said the program can function as either a loan or a grant and is intended to help close financing gaps that make moderate-income housing infeasible under current market conditions. City staff explained that the program will require municipal code language, program policies and an application and vetting process. Nicole (city staff,…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
