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Committee hears update on state $75 million revolving loan fund for middle‑income housing
Summary
Nate briefed the committee on a state‑funded $75 million moderate‑income revolving loan fund and explained how Boardman could pilot the program using tax‑increment‑style repayment; the city will receive legal templates for loan and ordinance work from a partner attorney.
The committee received an update on a state‑run moderate‑income revolving loan fund described in the meeting as a $75,000,000 program to support developers building middle‑income housing. Nate explained the intended mechanics: developers pledge tax increments to repay the city, and the city uses those repayments to repay a loan from the state that enables the initial grant or subsidy.
Nate said the program is new and that no city had yet used the fund; Boardman is being positioned as a pilot that would create templates for other small communities. He said the committee had recommended a $5,000 challenge contribution to position Boardman as a pilot and that partner Stephen Brooks will prepare legal documents (loan agreements and ordinance updates) to guide how tax revenue flows between the city, county assessor and the state.
Committee members welcomed the partnerships with economic development districts for monitoring and the Network of Oregon Affordable Housing for underwriting support. The committee noted that while the program offers a potential funding route, the legal and administration details will be developed by the city with consultant support before any commitments are finalized.
