The Middle Housing Revolving Loan Fund was created by the Tigard City Council in 2021, using funds from the American Rescue Plan Act.

 

The fund is managed by the Network for Oregon Affordable Housing, Craft3, and the Community Housing Fund,  and will provide short-term construction lending to developers building middle housing.

 

The goal of this find is to increase the financial feasibility of middle housing in the city, build developer capacity and knowledge, demonstrating the viability of these housing types,  and further the city’s commitment to aid in the construction of  affordable and sustainable housing.

 

Loans from the fund will come with certain conditions. The first will be an agreement to offer a minimum of 30 percent of the units to lower-income buyers participating in down payment assistance programs. The second will be a required consultation with the Energy Trust of Oregon on energy efficiency measures and potential cost savings for the developer and eventual owners.

 

Once a developer has completed construction and paid off their loan, the funds will be returned to the pool and will made available again to other developers.