Governor Kotek's Financing Tool Helps Coastal Communities Build 132 Homes for Working Families

Strategic Insights -

Governor Tina Kotek announced that the City of Coos Bay and Tillamook County will soon be able to construct an estimated 132 new housing units through the Moderate-Income Revolving Loan (MIRL) Program. Created by Governor Kotek, MIRL was designed to help finance the construction of housing for moderate-income families. The program provides zero-interest loans to cities and counties, with the loan being repaid through a fee in-lieu of property taxes. This innovative approach is expected to be a game-changer for coastal communities, where housing affordability is a significant challenge.

Key Takeaways:

  • The Moderate-Income Revolving Loan (MIRL) Program provides zero-interest loans to cities and counties for new housing units, with the loan being repaid through a fee in-lieu of property taxes.
  • The program aims to help finance the construction of housing for moderate-income families, with a target income limit of 120% of the Area Median Income (AMI).
  • The MIRL Program has been created as part of Governor Tina Kotek's mission to increase the availability and affordability of homes for Oregon families.
  • The program has been implemented in the City of Coos Bay and Tillamook County, with an estimated 132 new housing units to be built.
  • The City of Coos Bay is expected to unlock 50 new units of housing, while Tillamook County will be able to build 82 new units that have been stalled without funding.
  • The MIRL Program is funded with $75 million allocated from Senate Bill 1537, the Governor's 2024 housing package.

Statistics:

  • 132 new housing units will be built through the MIRL Program in the City of Coos Bay and Tillamook County.
  • 50 new units will be unlocked by the MIRL Program in the City of Coos Bay.
  • 82 new units will be built by Tillamook County through the MIRL Program.
  • 120% of the Area Median Income (AMI) is the target income limit for families who will rent or buy the housing units built under the MIRL Program.
  • $75 million has been allocated from Senate Bill 1537 to fund the MIRL Program.

Sources:

  • Oregon Government Newsroom, Governor Kotek's Financing Tool Helps Coastal Communities Build 132 Homes for Working Families, October 31, [2].
  • Senate Bill 1537, 2024 Housing Package, [3].