Or. Admin. Code § 813-410-0005 - [Effective until 8/8/2025] Purpose and Objectives
(1) The
Moderate-Income Housing Revolving Loan (MIRL) Program was established by Senate
Bill 1537 in the 2024 Legislative Session. It allocated $75 million in General
Fund resources to capitalize the Housing Project Revolving Loan Fund. The MIRL
Program is intended to support and expand local very low, low- and
moderate-income housing production across the state through a revolving loan
structure.
(2) The MIRL Program is
limited to the development of new housing, or conversions of non-residential
structures to housing, for households earning 120 percent or less of the Area
Median Income. The improvements constituting the Eligible Housing Project will
be exempt from property taxes for an assumed period of ten (10) years. In lieu
of regular property tax payments on the improvements, the Developer / Fee Payer
will pay a predetermined annual Program Fee for the duration of the property
tax exemption.
Notes
Statutory/Other Authority: SB 1537, Sections 24-36 (2023) & ORS 183.333
Statutes/Other Implemented: SB 1537, Sections 24-36 (2023)
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