Get email alerts on the Financing topic
No spam. Unsubscribe anytime.
Committee discusses gap financing, MIRL loan program and potential Business Oregon support
Summary
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.
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.
Moderator said the City of Boardman previously approved $5,000 toward such gap financing and that the MIRL (Moderate Income Revolving Loan) program has been authorized but "still not a single loan made out of it yet." Staff said they are working with Business Oregon and the state to explore loan guarantees and other de-risking mechanisms to make bank financing feasible for new builders and technologies.
Committee members asked whether the city’s previously discussed revolving loan and other supports could be routed to a demonstration; staff said work is ongoing with state partners and that the city and consultants will continue to refine a financing plan.
AI generated
The text on this page is AI generated. Summaries, highlights, analysis, and video transcripts are all produced from the original source material.
AI can make mistakes, so if you spot one, and we will fix it for everyone.
Note: the source content is unaltered by us. Any content source we link to, be it a video, an audio recording, or a document, is presented exactly as its publisher released it. That publisher is usually a government body, sometimes an individual official or another organisation.
