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Council adopted MURAL revolving loan ordinance to help gap-fund qualifying projects
Summary
Staff said the council adopted an ordinance enabling participation in a state revolving loan program (MURAL) intended as gap funding for projects that accept pricing commitments (e.g., 120% AMI); staff noted the program's statewide cap and the need to work through application and assessor requirements.
Staff told commissioners the council adopted the ordinance enabling participation in a state revolving loan fund described in the meeting as the MURAL program. The program lets projects apply for gap financing in exchange for conditions such as capping pricing for a portion of units; staff said the trade-off is to offer lower prices (for example, 120% of area median income) on participating units.
Staff cautioned funds are limited statewide (staff referenced approximately $55,000,000 total) and that communities must work through application and assessor processes. The city expects at least one project might consider applying to use the tool, which staff said could help fund infrastructure such as a roundabout if a developer elects to cap some lots.
