Financial Resources and Development Incentives

• 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.  
• 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 - To assist in the feasibility of successful catalyst projects, the City offers 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.”    

Federal Programs

• 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.  Funding is provided to public and private, individuals, corporations and non-profits for use in eligible projects.
• Housing Loan programs, administered by the City, offer assistance to eligible Salem and Keizer citizens in attaining safe and decent housing conditions and first time home-ownership. 

 Riverfront-Downtown URA

• Downtown Toolbox  - This Building Rehabilitation/Restoration Program, offers property and business owners the opportunity to make improvements to historic commercial or mixed-use buildings located in the Riverfront-Downtown Urban Renewal Area.  Funds are available as low-interest loans and matching reimbursement grants.  
• Multi-Unit Housing Tax Credit - 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.
• Systems Development Charge (SDC) Credit Program - Allows the use of available water and sewer SDC credits within the Riverfront-Downtown Urban Renewal Area for certain projects such as housing projects or mixed-use development projects which provide housing as a component; or development of a vacant lot or redevelopment of a vacant building for any use allowed under current zoning regulation.   

 North Gateway URA

• Building Rehabilitation/Restoration Loan/Grant - This program was created to encourage business and property owners to improve their storefronts and properties and contribute to the North Gateway Urban Renewal Area’s revitalization.  Funds are available as low-interest loans and matching, reimbursement grants.

For more information on Urban Renewal or Federal programs please contact staff at 503.588.6178.

Additional Resources (outside of the City of Salem )

• Council of Development Finance Agencies
• Federal Home Loan Banks
• International Council of Shopping Centers
• Mid-Willamette Valley Council of Governments
• National Brownfield Association
• Oregon Banker’s Association
• Oregon Department of Environmental Quality
• Oregon Department of Transportation  
• Oregon Downtown Development Association
• Oregon Economic Community Development Department 
• Oregon Housing and Community Services Department 
• Oregon Housing and Urban Development 
• Strategic Economic Development Corporation 
• Urban Land Institute  
• U. S. Department of Energy  
• U. S. Small Business Administration