The property must be at least 50 years old and located in the following Historic Preservation Districts, designated as a City Landmark, or individual historic property:
W. 11th Street
Loan Amount / Terms
Up to $25,000
3% interest rate
Monthly principal and interest payments begin after project completion, but not longer than six months after loan closing. Limit one loan outstanding per building.
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% of 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.