Moderate-Income Revolving Loan

• 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