ARTICLE
During their 2025 session, the Oregon legislature created the Middle-Income Revolving Loan (MIRL) fund providing $75 million to aid in site improvement and infrastructure costs for projects serving markets at or below 120% of Area Median Income. A number of cities have expressed an interest in the program yet concerns remain around vague rules and the requirement that a city backstop the loan financially if a development project fails to move forward. The HBA has been involved in discussions involving adopting the incentive in the city of Milwaukie where Council has been split. Certain members of the Council have framed the revolving loan fund as a “giveaway to developers” rather than the public-private partnership it is.
During their 2025 session, the Oregon legislature created the Middle-Income Revolving Loan (MIRL) fund providing $75 million to aid in site improvement and infrastructure costs for projects serving markets at or below 120% of Area Median Income. A number of cities have expressed an interest in the program yet concerns remain around vague rules and the requirement that a city backstop the loan financially if a development project fails to move forward.
The HBA has been involved in discussions involving adopting the incentive in the city of Milwaukie where Council has been split. Certain members of the Council have framed the revolving loan fund as a “giveaway to developers” rather than the public-private partnership it is.