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OHCS outlines Moderate Income Revolving Loan Fund: $50M available now, $10M rural set‑aside
Summary
OHCS staff briefed senators on the Moderate Income Revolving Loan Fund created in 2024: $75.37M was authorized, with $50M available this biennium and a $10M rural set‑aside. The fund issues 0% loans to sponsoring jurisdictions, repaid via program fees in lieu of property taxes to replenish a revolving pool.
Oregon Housing and Community Services staff described implementation steps and early uptake for the Moderate Income Revolving Loan Fund (MIRLF) during the Senate committee’s Nov. 17 informational hearing.
Tanisha Rosas, OHCS government relations coordinator, told the committee the fund was part of the governor’s 2024 housing package and that $75,000,000 was allocated overall; $50,000,000 is available for the current biennium with a $10,000,000 rural set‑aside. "Merril is designed as a gap resource for affordable housing, rental housing, and homeownership projects," Rosas said, emphasizing the fund is intended to expand local capacity to support…
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