THE GORGE — Mid-Columbia Economic Development District (MCEDD) may be more well-known in the region for providing flexible business loans to entrepreneurs, start-up businesses and existing businesses that otherwise would not qualify for a commercial bank loan. But the organization also has $2 million in revolving loan funds available to develop “attainable” workforce housing in its Oregon counties. Attainable is defined as affordable for those earning up to 120% of area median income (AMI), a figure that is set per county and updated annually. Developments in Hood River, Wasco, Sherman or Gilliam County are eligible. These funds originated from the Oregon Governor’s Regional Solutions Office in 2013.

Through the history of the program, the loan funds have been used to rehabilitate 9 upper-level apartment units in the Honald Building in downtown The Dalles, rehabilitate a 6-unit multi-family dwelling in The Dalles, construct a duplex in The Dalles, and construct the 32-unit Leeward Apartments in Hood River. Funds are usually paired with a commercial bank loan to complete the project and can be flexible on collateral. While the loan is being repaid, sale prices or rents must be kept at levels affordable for those earning up to 120% AMI. To help spur the development of more workforce housing, interest rates recently have been set as low as 5.5%.