Preservation grants (in form of a forgivable loan) are available on a competitive basis to income-qualifying owner-occupants and to qualified non-profit organizations in any local historic district for specific rehabilitation projects that preserve the original building materials and character-defining features of the home. These grants provide financial incentives to homeowners and non-profit organizations to maintain and improve their owner neighborhood's historic building inventory.
Owner Occupants: Up to $5,000 forgivable loan; fully forgiven after five years if applicant remains in the home. If the applicant moves within the five-year period, then 100% of the grant must be repaid.
Non-Profit Organizations: Up to $5,000 forgivable loan, fully forgiven after five years if applicant continues to provide residential facilities to HUD income-eligible tenants. If applicant ceases to provide these services within the five-year period, then 100% of the grant must be repaid.
Limit one grant per property.
Work must be initiated within three months and completed within six months from date of Historic Preservation Commission approval. The Commission may grant additional time, if needed.
Preferably at least a second mortgage position and promissory note, or an amount not to exceed 100% loan-to-value. The property value will be based on the assessed value, or on the appraised value after improvements, if the assessed value is not a good indicator.