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Staff seeks flexibility to use URA funds for workforce housing managed by COIC
Summary
Staff said the URA budget includes placeholder funds to contract with COIC for workforce housing (using a MURAL loan product) for the large commons project and noted potential tweaks to program rules to accommodate Habitat and debt-to-income considerations.
The committee heard that the URA has budgeted placeholder dollars in case the agency contracts with the Central Oregon Intergovernmental Council (COIC) to manage the workforce-housing program and deploy a MURAL (modern income revolving loan) product for the large commons project. "We've been working with COIC ... on managing our workforce housing program, especially with the MURAL program," the staff member said.
Staff added that program tweaks may be needed to accommodate Habitat's financing structure and debt-to-income ratios; the budget includes funds to proceed with contracting if the board directs. Committee members asked clarifying questions about how such contracting and program changes would be structured and funded.
