Special Housing Opportunity Fund

In July 2003, the Urban Renewal Agency Board approved funding of the Special Housing Opportunity Fund.  The fund is designed to provide opportunities for 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 downtown and are available as fixed, low-interest loans. 

Learn more about the terms, guidelines and eligible uses of the Special Housing Opportunities Fund by clicking the link below.  

Special Housing Opportunity Fund  Loan Guidelines