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State’s MERLE loan fund explained to Bend committee; staff flag city liability and administrative costs
Summary
Representatives from Oregon Housing and Community Services outlined MERLE, a $75 million revolving loan program for moderate‑income housing; committee members raised concerns about program timing, city liability, administration and which project types best fit the fund.
Megan Ellertson of Oregon Housing and Community Services told Bend’s housing committee that the MERLE program (authorized by the 2024 legislative session, Senate Bill 1537) is a $75 million revolving loan fund designed to provide gap financing for housing sold or rented at 120% AMI and below.
Ellertson described the program flow: a city or county adopts a local MERLE program and accepts project applications; if the sponsoring jurisdiction approves a project, OHCS performs a completeness check and issues a zero‑interest loan to the city; the city provides a grant to the developer to fill the project gap;…
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