Riverfront Downtown Loan Program

​Overview

Salem has created ways for property and business owners to be creative and have flexible funding options to stimulate and finance its vision within the Riverfront-Downtown Urban Renewal Area.

A building rehabilitation/restoration loan program was created to encourage business and property owners in the Riverfront-Downtown Urban Renewal Area (URA) to make improvements to commercial or mixed-use buildings.

Available Loan Options

Maximum Loan Amount:

​Total Project Cost​Details
​$1,000,000

​Historic Contributing or Historic Resource (Historic Non-Contributing that is being restored to Historic Contributing)

For loan requests over $750,000 prevailing wage rates may apply

​$500,000 ​Historic Non-Contributing or building that is eligible for Historic designation (This maximum may be increased by an additonal $50,000 per housing unit up to $750,000 maximum loan)
​$300,000 ​Other

​Plan

Riverfront Downtown Urban Renewal Plan814 KB
Riverfront Downtown Urban Renewal Area Overview423 KB

​Terms and Requirements

  • Interest Rate: 3% fixed rate
  • Term: 10 years fixed (length of term may be extended to 20 years in order to coincide with terms of primary lender where Urban Renewal Agency is in a second lien position)
  • Loan Fee: $500

Eligible Borrower

  • Property owners who can show fee title
  • Business owners who show written evidence that property owner has authorized work for which application is made
    • Tax-exempt property and business owners are excluded

Eligible Property

  • Commercial or mixed-use property located within the Riverfront-Downtown Urban Renewal Area
    • Properties that are 100% residential are excluded

Eligible Activities

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

Ineligible Activities

  • Acquisition
  • Loan fee
  • Refinance
  • Training
  • Staffing costs
  • Equipment and personal property
  • Reimbursement of hard costs prior to loan award
  • Organizational expenses

* Additional terms may apply and may be subject to change.

​Application information

Riverfront Downtown Toolbox Loan Program105 KB
Urban Renewal Agency Loan Application35 KB

​Additional resources

Contact us

Sheri WahrgrenDowntown Revitalization Manager
Mailing address:
350 Commercial St NE
Salem OR 97301
TTY/TDD: