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Credit union launches loan program to encourage affordable housing

KTVZ file

Interest rate subsidies, five-year fixed interest rate

BEND, Ore. (KTVZ) -- In an effort to help address the shortage of workforce housing in Central Oregon, Mid Oregon Credit Union said Wednesday it 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 last spring.

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 government partners to fund the program’s growth and expansion.

In addition to receiving below-market interest rates, property owners will benefit by having a more stable tenant pool and flexible underwriting standards that account for rent limits. Tenants should benefit through more stability in local rental rates, as well as a greater supply of available housing.

Interested borrowers seeking more details on lending guidelines and qualifications for the Workforce Housing Loan Program can contact Mortgage Manager Matt Mitchell at, or Director of Commercial Markets Steve Ferber at 

KTVZ news sources



  1. Rent for people, just like a LOT of other expenses, will never go down in price. There’s never going to be $0.89 gas, there will never be a $1.50 pack of cigarettes, there will never be another $120,000 3 bedroom house in Bend! People need to stop having 3 kids when they cannot even afford rent for themselves. People need to stop thinking they deserve $20 an hour to work at Burger King for 30 hours a week and be able to “save” for anything, it’s not happening people! Rent is never going back to 1995 or 1975 or 1960 prices, stop the nonsense.

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