On July 21 Salem City Council passed the new Condo Conversion Ordinance that immediately went into effect. This ordinance provides a process for converting units into condos that applies to properties in Salem with two or more residential units that have been used as rental housing at any time in the 12 months before the intended conversion.
The new process includes:
Providing tenants with proper notice.
Submitting an application to the Housing Stability Coordinator (HSC).
Obtaining a Conditional Conversion Permit.
Upon meeting all requirements, receive a Final Conversion Permit.
This process could take up to several years and have mandatory financial obligations to current tenants. You can find the ordinance language here. The new ordinance is not applicable to new construction.
NSR is working with the city of Salem to create a FAQ for real estate professionals. If you have had a deal affected by this new ordinance, please let NSR know.