Oregon is launching a new effort to enhance middle-income housing construction through a zero-interest loan program, with $75 million allocated to the Moderate Income Revolving Loan Program (MIRL). This initiative, part of Governor Tina Kotek’s housing strategy, aims to facilitate affordable living in response to the median home price of $549,949. The state currently needs 29,500 housing units annually to match migration demands. The program will provide funding to local jurisdictions, enabling them to support local developers in building necessary housing units.
"When Oregonians making a good wage can't afford to live where they work, our businesses and communities can't thrive. We have to work to make sure all Oregon families can afford a home with the urgency they deserve," Kotek said in a press release.
"This program is an essential piece of the affordability puzzle, lending a hand to our local partners who need a little help to make the balance sheet make sense."
"The state needs 29,500 units annually to meet the demands of the anticipated rebound in migration," said Carl Riccadonna.
"MIRL supports development activity that is approved at a local level," Andrea Bell, executive director of OHCS, tells Realtor.com.
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