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Oregon Housing and Community Services

Moderate-Income Revolving Loan

The Moderate-Income Revolving Loan (MIRL) program was established by Senate Bill 1537 in the 2024 Legislative Session, allocating $75 million in General Fund resources for the Housing Project Revolving Loan Fund. The program intends to support and expand very low-, low- and moderate-income housing production in local communities across the state through a revolving loan structure.

Contact us

Please visit the MIRL questions and comments portal.


Key program components

  • OHCS will make no-interest loans to cities and counties (sponsoring jurisdictions) that meet specific requirements to fund very low-, low- or moderate-income housing projects. Sponsoring jurisdictions can use the loan to award a grant to a developer with an eligible housing project in their communities.
  • The MIRL program is limited to developing new housing or conversions of non-residential structures to housing for households earning 120% of area median income (AMI) or less. The taxable improvements are exempt from property taxes for about 10 years. Instead 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 period. The sponsoring jurisdiction will use this fee to repay the no-interest program loan.
  • Program funds may be used for costs related to infrastructure, redevelopment, construction, and land write-downs. Projects using MIRL resources will be subject to affordability requirements for the term of the program loan or 10 years, whichever is greater.

As program loans are repaid through the program fee structure, OHCS can issue new program loans for additional eligible housing development.

OHCS has launched Phase One of the MIRL program, with additional training and support for sponsoring jurisdictions coming in fall 2025. Sign up for email updates to receive a technical advisory with program updates.

 MIRL Program Manual (PDF)

MIRL Video Tutorials and FAQ


Affordability tools

How to determine home sale prices

The following rent and income limits are based on the CDBG-DR 120% Income Limits published by HUD on June 1, 2025. Utility allowances must continue to be deducted from rents to achieve the maximum tenant rents allowed. Please note that all definitions and explanations herein may be subject to change upon later IRS and/or HUD clarification.

Program resources 

Initiate a master agreement

Before a sponsoring jurisdiction can submit a program loan request, they must adopt an ordinance or resolution and enter into a master agreement with OHCS. If the sponsoring jurisdiction is a city, an executed intergovernmental agreement (IGA) between OHCS and the county must be in place before a master agreement is executed with the city.

Note: An IGA with the county will be initiated by OHCS when the master agreement process is started by the corresponding sponsoring jurisdiction. Originating ordinances / resolutions must be adopted prior to initiating a master agreement.

Initiate Master Agreement

File an Intent to Apply

Sponsoring jurisdictions will submit an Intent to Apply form upon provisional approval of a project application. The Intent to Apply notifies OHCS that the sponsoring jurisdiction wants to request a program loan from OHCS.

Note: An Intent to Apply will not be accepted unless the sponsoring jurisdiction has an executed master agreement with OHCS.

Submit an Intent to Apply form