Restoration Loans-For Exterior Work
Restoration Loans-Expertise With Landmarks
Restoration Loans-Contact Blaire Walsh at 212-995-5260
Funding Historic Restorations
The Historic Properties Fund offers low-interest loans and project management assistance to owners of historic residential, non-profit, religious, and commercial properties throughout the City – mostly in low- to moderate-income communities. Since 1982, the Historic Properties Fund has assisted over 240 buildings. It is one of the largest, private revolving loan funds in the country used exclusively for historic preservation.
The Conservancy’s professional staff and consulting architects work with every loan recipient to manage the complex process of restoring an older building.
Loans generally apply to exterior work or structural repairs and range from $40,000 to $300,000. Interest rates are generally low and terms usually range from five to ten years. The Conservancy makes a special effort to keep closing costs as low as possible.
Loans are only considered to owners of individually designated landmarks, properties in historic districts, or buildings listed or eligible for listing in the State or National Register of Historic Places. The building must be in the five boroughs of New York City. The Conservancy can help you determine the landmark status of your building. If the building is eligible, the applicant must also show financial capability. Loans must be secured through a first or second mortgage or other acceptable collateral.
The first step in applying for a loan is to complete the Property Profile. The staff will review the proposed project and possibly conduct a site visit. If the Fund staff determines the project is eligible for funding, they will work with you to develop a formal loan application. Application review, credit checks, and financial analyses are necessary before presenting the loan request to the Fund’s Board of Directors for approval.