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Oregon Housing and Community Services

Moderate-Income Revolving Grant Agreement Template

Important note

The Moderate-Income Revolving Loan (MIRL) Program is a voluntary affordable housing development program in which cities and counties (“Sponsoring Jurisdictions”) may choose to participate. It was created by Senate Bill (SB) 1537 (2024), sections 24-36, and amended by SB 48 (2025), which took effect on September 26, 2025. Oregon Housing and Community Services (OHCS) has developed a toolkit to assist Sponsoring Jurisdictions in implementing the MIRL Program. The MIRL Grant Agreement template is one component of that toolkit.

This template is intended to provide a starting point for Sponsoring Jurisdictions as they draft the grant agreement required by SB 1357, section 29(3). Sponsoring Jurisdictions are not required to use this document. This document reflects OHCS’s understanding of the requirements of the MIRL Program, but it is not comprehensive, and it will need to be tailored to reflect any jurisdiction-specific practices or requirements.

This template is not intended to, and does not, provide legal advice. OHCS encourages Sponsoring Jurisdictions to consult with their counsel in drafting and adopting the grant agreement required by SB 1537, section 29(3). Sponsoring Jurisdictions are responsible for ensuring that any grant agreement adopted by the Sponsoring Jurisdiction complies with SB 1537, SB 48, OAR chapter 813, division 410, and any other applicable local, state, and federal laws.

Template

MODERATE INCOME REVOLVING LOAN PROGRAM GRANT AGREEMENT

This Moderate Income Revolving Loan Program Grant Agreement (“Grant Agreement”) is made and entered into by [Sponsoring Jurisdiction] (“Sponsoring Jurisdiction”) and [Developer] (“Developer”), an Oregon [“individual” or type of entity], for the purposes of financing the affordable housing development described in Exhibit B to Exhibit 1 and known as [project name] (“Project”).

RECITALS

  1. Senate Bill 1537 (2024), sections 24-36 and 62, as amended by SB 48 (2025) (together, as may be amended from time to time, “SB 1537”) establish an affordable housing revolving loan program to be implemented by Oregon Housing and Community Services (“OHCS”) and Oregon cities and counties wishing to participate in the program (the “MIRL Program”). 
  2. Sponsoring Jurisdiction has created a grant program under which developers may apply for Grant Funds for Eligible Costs that are associated with Eligible Housing Projects. 
  3. Sponsoring Jurisdiction and OHCS have entered into a Loan Agreement pursuant to which OHCS has agreed to provide a Loan to Sponsoring Jurisdiction to enable Sponsoring Jurisdiction to provide Grant Funds to Developer to develop the Project. Sponsoring Jurisdiction and Developer are entering into this Grant Agreement to convey the Grant Funds to Developer, require Developer to develop the Project, and ensure that the Project complies with all MIRL Program requirements, including but not limited to the Affordability Requirements.

AGREEMENT

NOW THEREFORE, for good and sufficient consideration, including the terms and conditions herein, Sponsoring Jurisdiction and Developer agree as follows:

1. DEFINITIONS

Capitalized terms have the meanings provided in Exhibit 1.

2. DOCUMENTS; PRECEDENCE; INCORPORATION

2.1. This Grant Agreement consists of the following documents, which are incorporated by this reference and listed in descending order of precedence:

2.1.1. Exhibit 1 (Moderate Income Revolving Loan Program Rider and Declaration of Land-Use Restricted Covenants, including all exhibits thereto) (the “MIRL Rider"); and

2.1.2. This document.

2.2. For the avoidance of any doubt: All references to the “Grant Agreement” are intended to encompass this document and the MIRL Rider (including all exhibits thereto). To the extent the provisions of the MIRL Rider conflict with any terms of this document, the provisions of the MIRL Rider shall take precedence.

3. TERM OF GRANT AGREEMENT

The Grant Agreement shall be effective when this document and the MIRL Rider have been signed by all Parties and all required approvals have been obtained. The Grant Agreement shall terminate when the Affordability Period ends, or when all Fees required to be paid under SB 1537 have been paid, whichever occurs later.

4. FINANCIAL ASSISTANCE

4.1. Upon satisfaction of all conditions precedent in the Grant Agreement, Sponsoring Jurisdiction shall disburse the Grant Funds in the amount of $[XXX,XXX] to Developer for the purposes set forth in the Grant Agreement.

4.2. Developer shall comply with the terms of the Grant Agreement and all applicable federal, state, and local laws.

4.3. Sponsoring Jurisdiction has no obligation to disburse the Grant Funds to Developer unless Sponsoring Jurisdiction has received a Program Loan from Oregon Housing and Community Services and all conditions precedent in the Grant Agreement for disbursement of the Grant Funds are satisfied.

Signature Page

IN WITNESS WHEREOF, the Parties have caused this Moderate Income Revolving Loan Program Grant Agreement to be executed by their duly authorized representatives as of the Effective Date.

DEVELOPER: ______________ [Developer Name]

By: ______________________ [Names of Signor, Title]

STATE OF OREGON )

:ss

COUNTY OF )

The foregoing instrument was acknowledged before me this [day] day of [Month], 20__ by [name of signor, title of entity, type of entity, role of entity (see signature block)] of Developer, for and on behalf of Developer.

NOTARY PUBLIC FOR OREGON

My Commission Expires: