The Historic Properties Fund is one of the largest and oldest revolving loan funds for preservation in the country. Their loans have helped restore more than 200 buildings throughout the five boroughs from Brooklyn brownstones, to Harlem churches to Queens’ coops to Staten Island Victorian homes.
Loans generally apply to exterior work or structural repairs and range from $20,000 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 helps determine the landmark status of a 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. HPF also specialize in assisting property owner’s select qualified architects and contractors. And also help insure that the work is on time, on budget and up to landmark standards.
There is also a Queens Historic Properties Fund an affiliate of the HPF and the New York Landmark Conservatory. The QHPF is specific to the County of Queens. The Queens Historic Properties Fund was established in 1987 as part of the settlement agreement from a City lawsuit over a private developer’s demolition of the historic Tisdale house in Queens. The agreement called for the developer to capitalize a revolving loan fund for the restoration and maintenance needs of historic buildings in Queens.
Source//www.nylandmarks.org
