National Trust Loan Fund Launches $5 Million Fund To Develop Affordable Housing

WASHINGTON, DC (August 25, 2008) - The National Trust Loan Fund (NTLF) today announced the creation of a $5 million loan pool to help develop affordable housing in cities across the country. The National Trust for Historic Preservation promotes community development in older and historic neighborhoods.

The loan fund has been made possible through a $1.3 million grant from the John S. and James L. Knight Foundation. The grant targets communities in the 26 Knight communities across the country where the Knight brothers owned newspapers plus Gulfport, MS and Pontiac, MI. It will be used to facilitate projects financed through the loan pool. (Applicants from outside the 28 cities may be eligible for financing but may be subject to a higher interest rate). Of the 28 cities, preference will be given to the eight cities that participated in the National Trust for Historic Preservation's Preservation Development Initiative (PDI), also funded by Knight Foundation. Those cities are denoted by an asterisk:

Akron, OH

Lexington, KY;

Aberdeen, SD

Long Beach, CA;

Biloxi, MS

Macon*, GA;

Boulder, CO

Miami*/Dade, FL;

Bradenton, FL

Milledgeville, GA;

Charlotte, NC

Myrtle Beach, SC;

Columbia, SC

Palm Beach, FL;

Columbus*, GA

Philadelphia*, PA;

Detroit, MI

Pontiac*, MI

Duluth*, MN

San Jose* CA;

Fort Wayne, IN;

St. Paul*, MN

Gary, IN;

State College, PA;

Grand Forks, ND

Tallahassee, FL,

Gulfport, MS

Wichita, KS.

 

Eligible borrowers include community development corporations, nonprofit organizations and for-profit developers and local, state or regional government agencies. Prospective projects for loan fund must focus on the acquisition and rehabilitation of multiple single-family, multi-family or mixed-use projects, including upper-floor conversions to residential uses. Prospective properties should be designated as national, state or local historic structures, a contributing resource in a designated historic district or be eligible for such designation. Properties in designated Main Street communities are also eligible.

The maximum loan amount is up to $500,000 per project.  Grants are available to assist with loan financing costs and may be available for predevelopment costs on projects that have an impact on community revitalization.  Additionally, technical assistance may be available to assist in assembling the necessary documentation for loan packages.

For more information about loan terms and to begin the application process, contact the National Trust Loan Fund at (202) 588-6360 or www.PreservationNation.org/loan-fund. Applications are due September 30, 2008.

 

About the National Trust Loan Fund

The National Trust Loan Fund is a not-for-profit subsidiary of the National Trust for Historic Preservation.  The Loan Fund focuses its financial and technical assistance products in low-, moderate-, and mixed-income neighborhoods and communities that are rich in historic resources.  The ultimate goal is the economic rebirth of sustainable livable communities through historic preservation.  The National Trust Loan Fund has provided over $26 million in preservation-based community development lending. The National Trust for Historic Preservation helps revitalize neighborhoods and communities, spark economic development and promote environmental sustainability.  With headquarters in Washington, DC, nine regional and field offices, 29 historic sites, and partner organizations in all 50 states, the National Trust provides leadership, education, advocacy and resources to a national network of people, organizations and local communities committed to saving places that builds upon our pasts and helps to shape our futures. 

 

About The John S and James L Knight Foundation

The John S. and James L. Knight Foundation promotes excellence in journalism worldwide and invests in the vitality of 26 U.S. communities. Knight Foundation focuses on ideas and projects that create transformational change. To learn more, visit www.knightfoundation.org.  

About the John S. and James L. Knight Foundation

Knight Foundation supports transformational ideas that promote quality journalism, advance media innovation, engage communities and foster the arts. We believe that democracy thrives when people and communities are informed and engaged. For more, visit www.knightfoundation.org.