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City staff to evaluate new state revolving loan program to support moderate‑income housing
Summary
Staff explained a new state program (authorized by HB 1537 in 2024) that lets cities apply to be sponsoring jurisdictions for no‑interest revolving loans repaid from taxes on the improvement value. The city will consult county partners to determine interest and feasibility before deciding whether to apply.
Anne Catlin of the Community Development Department presented information April 7 on a new Oregon Housing and Community Services program authorized in 2024 (House Bill 1537) that creates a no‑interest revolving loan to incentivize housing affordable to households up to 120% of area median income.
How the program works (as presented)
Catlin said the state provides upfront funds to sponsoring jurisdictions. For eligible projects, the state‑determined amount is based on the assessed improvement value (the new construction value) and the taxes that would have been…
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