Or. Admin. R. 813-410-0005 – 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.
1. (a) 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 or;
2. (b) Through an alternative funding source.

SB 1537, (2024), Sections 24-36, ORS 183.333 & SB 48 (2025), Section 9-23

SB 1537, (2024), Sections 24-36 & SB 48 (2025), Section 9-23