What is the Jory Apartment TIF District?

 Increasing the supply of affordable housing is a top priority in the City of Salem's Strategic Plan. The City Council and Salem's Urban Renewal Agency approved creation of a new TIF District to incent additional affordable housing in a residential development on the former North Campus of the State Hospital site.

This TIF District will incentivize affordable housing by providing a partial property tax rebate to the property owner. The property owner will pay property taxes each year to the County. Rather than conveying these property taxes to all the overlapping taxing districts, the County will distribute this property tax revenue to the Urban Renewal Agency. The Urban Renewal Agency will then rebate the property tax paid by the property owner in exchange for affordable housing units within the development.

The TIF district is within, but does not abut, D Street NE, Park Avenue NE, and Center Street NE. The western boundary of the district is 25th Street, NE.

What projects are proposed in the Jory Apartments TIF District Plan?

There are two planned activities in the TIF District Plan and Report. First, a property tax rebate to the property owner of up to 97 percent of the property taxes collected by the Jory Apartments TIF District. The second activity identified in the Plan is the City's administration of the program using the remaining three percent of the taxes received. The property is State owned and not generated any property tax currently.

What level of affordability is expected as a result of the District?

The developer intends to develop and maintain 36  of the multi-family units for individuals earning an average of 60 percent of the Area Median Income.

How long will the TIF District be open?

The TIF Plan and Report indicate a maximum amount of spending ($20 M) and duration for the Plan (41 years).