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State MURAL loan fund explained to Bend committee; staff flags city liability and program choices
Summary
OHCS presented the MURAL moderate‑income revolving loan fund (established in SB 1537) as gap financing that Bend can adopt; discussion focused on eligible projects, repayment mechanics, administrative fees, and city liability if projects default on the program fee payments.
Megan Ellardson, program manager with Oregon Housing and Community Services, described the Moderate‑Income Revolving Loan (MURAL) program created by the 2024 legislative package (Senate Bill 1537). She said the program provides a pool of state funds ($75 million total) that are issued as 0% loans to sponsoring jurisdictions; jurisdictions then issue grants to eligible developers to close project financing gaps. Megan said $50 million is available in the program’s first two years with a $10 million set‑aside and that the standard loan term is 10 years with annual repayment tied to a program fee that takes the place of property taxes on…
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