Salem is offering property owners of multi-unit residential properties with three or more units a one-time payment of $1,000 in return for a right of first refusal on their property. The right of first refusal is a contractual agreement with the property owner and city. The property owner would be required to notify the Salem of the terms that they are willing to accept for their property, before listing the property for sale.
The property owner would be required to provide terms that are of market value. Salem would have 120 days to accept the offer. If the offer is not accepted, then the owner could move forward with listing the property publicly for sale.
The city is using ARPA funding to fund the right of first refusal program. The program seeks to purchase and preserve naturally occurring affordable housing units.
