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Council expresses support to explore state MIRL program to spur middle-income housing
Summary
City planning staff briefed council on Oregon's middle-income revolving loan program (MIRL/SB1537, updated by SB48) that can defer taxes for 10 years to finance housing affordable to households at or below 120% of AMI; council signaled general support to engage the county and consider standing up a local program.
Planning director Joshua Smith presented the state's Middle-Income Revolving Loan (MIRL) program and explained how the city would sponsor a local program and set program criteria, noting the state program caps resale/rent levels and commonly uses a 10-year affordability period. "The MURAL program... is a revolving loan fund, so it's designed to refill itself, to boost housing production for middle-income individuals and families at or below 120% of AMI," Smith said, summarizing eligible uses and the intergovernmental steps required with the county.
Council members asked about program mechanics and whether the county had been approached; Smith said county staff had been contacted but the county response was lukewarm. Several councilors said they supported moving forward to discuss an ordinance and an IGA with the county. Staff emphasized that the sponsoring jurisdiction sets project eligibility and that the state program requires an application and master agreement before loans are disbursed.
