General Overview

The Adaptive Reuse Building Rehabilitation Program 2.0 operates as a “forgivable loan program.” In other words, funding for a project begins as a loan and if the borrower follows the terms of a project agreement, the loan is converted to a grant. A total of $250,000 is available for projects during the FY 2025/2027 biennium or $125,000 per fiscal year starting July 1, 2025, ending June 30, 2026.

The Adaptive Reuse Building Rehabilitation Program 2.0 is designed to encourage significant rehabilitation of existing older buildings within Oregon City’s Urban Renewal Zone. The program will accomplish the following goals:

• encourage the reuse and/or rehabilitation of existing older buildings (buildings 40 years old or older) within the Urban Renewal District,

• contribute to local economic vibrancy and pedestrian activity in the area,

• enhance the safety of older buildings,

• increase the assessed value of eligible existing buildings, and

• support projects that come to fruition.

Proposals will be reviewed depending on and subject to availability of program funding.

Eligibility

• Eligible projects include existing buildings that are at least 40 years old or more at time of application and are within the legal boundaries of the Urban Renewal District.

• Eligible total project size will range from a minimum of $300,000 up to a total of $1,000,000.

• Properties must be properly zoned for the uses being proposed and can demonstrate the ability to comply with the City’s permit entitlement requirements.

• Emphasis and priority are placed on projects that meet at least four of the program’s goals.

• Funding is provided to eligible recipients as a loan up to 50% of eligible rehab costs or a maximum of up to $125,000 max.

How Does the Program Work?

After the project has received all of its applicable permits, the application is forwarded to a financial review committee for review and funding approval. At approximately the same time, the application is forwarded to the City Commission for approval of the non-financial part of the project. After all permit entitlement approvals, City Commission approval, and loan review committee approval the applicant receives 50% of the award and the other half when the project is completed according to the project agreement.

If the project owner adheres to the terms and conditions of the project agreement, then the loan is forgiven and becomes a grant. Funding is available for the FY 2025/2026 fiscal through June 30, 2026. Interested applicants are encouraged to begin their applications as soon as possible.

For more information, contact James Graham, Economic Development Manager at jgraham@orcity.org or by calling 503-496-1552.

Fill out the Application Form here.