Preservation Loan Fund
For nearly twenty-five years, the Preservation Loan Fund has helped nonprofit and government entities preserve, acquire, rehabilitate and maintain properties that are of historical, architectural, and cultural significance. From 1996 to 2006, forty-seven loans were made from the Preservation Loan Fund, committing over $5 million to preserving architecturally significant buildings throughout the City of Pittsburgh and Allegheny County.
Eligibility Requirements:
- Applicant must be a 501(c)(3) organization, community development corporation or government entity.
- The property for which funds are being requested must be a historic property located in Allegheny County. Historic properties include the following: listed or eligible for the National Register of Historic Places, individual or as a contributing structure; designated as a City Historic Structure or located in a City Designated Historic District; recipient of a Pittsburgh History & Landmarks Foundation (PHLF) plaque; or included in PHLF’s survey of historic properties in Allegheny County.
- Applicant must have a clear plan as to how the loan will be repaid.
Guidelines/Prerequisites:
- Short to intermediate term loans to assist in acquisition, rehabilitation, pre-development and construction costs associated with historic properties
- Loan amounts range from $10,000 to $1,000,000
- Loan terms range from 3 to 36 months
- Interest rate is negotiated on an individual project basis
- All loans must be collateralized in a manner acceptable to PHLF. Acceptable forms of collateral include (a) land and building with an appraisal completed within the last twelve months, (b) commitment of other assets through security agreements, and (c) commitment of balance sheet of applicant organization. If real property is being used as collateral, applicant must also provide PHLF with proof of free and clear title through a title search and insurance policy. PHLF prefers to be in first lien position.
- PHLF shall have design approval rights over the construction and landscape of the portion of the project being financed by PHLF.
- Approved Applicants must supply PHLF with quarterly financial statements and annual audited financial statements.
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