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Enterprise Zone - Eligible firms located within the boundaries of the Enterprise Zone may be eligible to receive a property tax exemption to encourage the creation of new industrial and manufacturing jobs for the community. Learn more about Enterprise Zone opportunities.
Electronic Commerce Zone - Eligible firms located within the boundaries of the Enterprise Zone engaged in electronic commerce may be eligible to receive a state income tax credit against the firm’s annual State of Oregon income or corporate excise tax liability.
Project Bonds - Project specific financing in the form of Project Bonds which may be used to finance both public infrastructure and private development costs of “urban renewal projects.”
Community Development Block Grant (CDBG) and HOME funds received annually by the City from the U.S. Department of Housing and Urban Development (HUD) are awarded through an annual competitive application process.
Contact: Sheri Wahrgren at 503.540.2495
Multi-Unit Housing Tax Incentive Program - A 10-year property tax abatement for new or converted, transit-supported, non-transient housing units constructed within the core area, which provide one or more public benefits.
Special Housing Opportunity Funds - This program assists with all normal and reasonable soft and hard costs directly associated with rehabilitation and restoration, or construction, of a qualified housing project in the downtown core. Call Sheri Wahrgren for fund availability before submitting an application.
Fairview Small Business Pilot Loan Program Applications are being accepted.
The Small Business Loan Program was created to promote job creation and applies to soft and hard costs directly associated with capital improvements to property located in the Fairview Urban Renewal Area specifically related to the approved project.
The loan may only be applied to capital expenditures that facilitate traded sector (manufacturing) uses. Urban Renewal funds applied to approved capital improvements cannot be removed from the Fairview Urban Renewal Area for the duration of its useful life.
Loan Forgiveness Application
Downtown - The City of Salem is committed to the revitalization and restoration of the Riverfront-Downtown Urban Renewal Area. To enable creative and flexible approaches to stimulate and finance its vision. The Riverfront Downtown Urban Renewal Area Capital Grant Program was created as a funding option for riverfront-downtown property owners.
Loan applications and Grant applications are being accepted.
North Gateway - This program was created to encourage business and property owners to improve their store fronts and properties, and contribute to the North Gateway Urban Renewal Area’s revitalization.
Funds are available as low-interest loans and matching grants. Loan Applications and Grant Applications are being accepted.
West Salem Redevelopment Grant Program offers grants for permanent interior and exterior building construction to eligible property and business owners located in the West Salem Urban Renewal Area.