Committee discusses gap financing, MIRL loan program and potential Business Oregon support
Presenters said each demonstration house needs about $250,000 in gap support; the city approved $5,000 toward a gap fund and staff are working with the state and Business Oregon on loan guarantees; the MIRL program exists but had not yet issued loans.
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The financial approach for a cottage-cluster demonstration was a major part of the presentation. Moderator told the committee the project typically requires about $250,000 per house in predevelopment/gap support for innovative technologies and that the development team is seeking blended financing: employer capital, bank loans, philanthropic gap funds and state loan guarantees.
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