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Special Housing Opportunity Fund 
 
Riverfront-Downtown Urban Renewal Area

The Special Housing Opportunity Fund is designed to provide low market interest rate loans to encourage residential development in the Riverfront-Downtown Urban Renewal Area.  The City of Salem is committed to improving the balance between the residential and commercial nature of the downtown core and ensuring its full-time use as a place where citizens have an opportunity to live as well as work.  Funds can be used for construction of new rental or for-sale units in the downtown and are available as fixed, low-interest loans. 

Terms and Minimum Requirements
The Borrower and the property must meet the minimum requirements as outlined below; additional requirements may apply. Please read all requirements before submitting an application.
Maximum Loan Amount:       $50,000 per housing unit maximum (subject to available funds.)
 (For loan requests over $750,000, prevailing wage rates may apply) 
Interest Rate: 3% 
Term: Fixed up to 20 years maximum
Loan Fee: $500 (projects which include more than 25 units will be charged an additional $500 fee)
Equity Requirement: Minimum 10%

Additional terms may apply.  Terms are subject to change.


Eligible Borrower   

  • Property owners who can show fee title ownership, or equitable ownership via a Land Sales Contract recorded with Marion County.  Purchasers of land who have evidence of a legal option to purchase.
  • Tax-exempt property and business owners are not eligible.

Eligible  Property

Eligible Activities

  • All normal and reasonable soft and hard costs directly associated with rehabilitation and restoration or construction of a qualified project are eligible.  Tenant improvements are subject to an executed lease and a cost per square foot, which has been approved during underwriting.

Ineligible Activities

  • Acquisition (or the payoff of existing balances in excess of appraised value), loan fee, refinance, training, staffing costs, equipment and personal property, reimbursement of hard costs prior to loan award, organizational expenses.  No cash back to owner.

This is an information-only document. 

Staff Contact
Sheri Wahrgren 503.540.2495

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