The Historic Preservation Division makes below-market-rate loans, in cooperation with commercial banks and preservation organizations, for restoration and rehabilitation of properties listed in the State Register of Cultural Properties and/or the National Register of Historic Places.

Preservation Loan Fund Overview

Get the Quick Facts about the Preservation Loan Fund.

Eligibility

To qualify for Loan Fund Assistance, a property must be listed in the State Register of Cultural Properties and/or the National Register of Historic Places. Low-interest loans can be made for a maximum of $200,000 for a term of five years or less.

Borrowers must agree to:

1. Repay the loan and maintain the property as restored, rehabilitated, or repaired for at least seven years;
2. Maintain complete and proper financial records regarding the property and make them available to the Division on request;
3. Complete the project within two years from the date of the closing of the loan; and
4. Provide to the State sufficient collateral security interest in the property.

Rate of Interest: The Historic Preservation Loan Fund contribution shall accrue interest at the rate of three percent (3%) per annum; the "lending institution" rate of interest is negotiated between the borrower and the commercial bank, savings and loan, or credit union.

Repayment: In installments at least annually, with the first installment due within one year of the date the loan is closed by the lending institution.

Download complete qualifying criteria in MS Word format.

Applying

You may download in MS Word format the following:

• Preliminary Loan Application
• Instructions for Applying

Read a summary of recently approved Loan Fund Projects.