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Oregon will issue loans to help build middle-income homes

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State lawmakers approved $75 million to test a "Moderate Income Revolving Loan program" meant to help get new housing projects over the line.
Oregon is addressing its housing crisis by launching a new loan program aimed at developers to facilitate the construction of homes affordable for middle-income families. This initiative, backed by $58 million in state funding, will provide low-interest loans to developers to build homes priced between $300,000 and $400,000, targeting households earning 80% to 120% of the area median income. The program, which was approved by the Oregon Housing Stability Council, aims to increase housing supply in a state where the median home price has surged to $500,000, making homeownership increasingly out of reach for many. The loans are intended to help developers manage the high costs of construction and land acquisition, thereby encouraging the development of more affordable housing options.

Read the Full Oregonian Article at:
[ https://www.msn.com/en-us/money/other/oregon-will-issue-loans-to-help-build-middle-income-homes/ar-AA1zt8Z7 ]