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Yamhill County to explore state 'moderate income' revolving loan to spur homeownership
Summary
At its April 16 meeting the Yamhill County Board of Commissioners agreed to explore joining Oregon Housing and Community Services' moderate income revolving loan program, a state-funded gap-financing tool designed to support homeownership for households at 80–120% of area median income (AMI).
The Yamhill County Board of Commissioners on April 16 gave staff direction to pursue an intergovernmental agreement (IGA) and work with cities to explore participation in Oregon Housing and Community Services' Moderate Income Revolving Loan (MIRL) program, a state-funded pool intended to help develop homeownership and rental projects serving households between 80% and 120% of area median income.
OHCS representative Megan Ellertson told the board the program issues 0% loans to sponsoring jurisdictions and provides gap financing that is recycled back into a revolving fund. "We have 75,000,000 right now in the revolving loan fund," she said, adding that the state issues loans to jurisdictions and can…
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