MENU

Mid Oregon Announces New Lending Program for Workforce-Housing Efforts

(Bend, OR) – In an effort to address the shortage of workforce housing in Central Oregon, Mid Oregon Credit
Union has introduced a new loan program to encourage the development of new affordable rental housing.
Mid Oregon’s Workforce Housing Loan Program offers interest rate subsidies of up to 2.5% for rental
properties that maintain affordable rental rates for five years after loan funding. To qualify, rental rates could
not exceed 30% of gross income for tenants earning between 60%-140% of Area Median Income (AMI).
Current AMI in Deschutes County currently stands at $55,700 for a family of four. The program also offers a
fixed interest rate for five years.
“We know that to have a thriving local economy over the long term, working families need access to stable
and affordable housing,” says Kevin Cole, Executive VP of Mid Oregon Credit Union. “By helping property
owners obtain the financing they need to develop and increase rental properties, we can make a significant
contribution toward increasing the supply of local affordable housing.”
Funding for the interest rate subsidy for this loan program will come initially from a $100,000 grant Mid
Oregon received from the Northwest Community Foundation (NWCUF) in spring 2019. This funding will allow
Mid Oregon to provide approximately $1 million in financing under the program. The credit union will
continue seeking additional non-profit and

Join the conversation!

Got something to add to this post? Please share it here...

Add a comment...

Your email address will not be published. Required fields are marked *

The Bend Chamber is actively supported by these Signature Investors

 

: : : : : Website Navigation : : : : :