By Anne Raines, Deputy Director, MHT
Our recent warm spell has been a welcome reminder that spring is just around the corner. For those of us who are involved with historic buildings, spring means more than just crocuses and daffodils – it means repairs and maintenance! Many historic property owners across the state are looking for funding this time of year, so MHT put together this primer on the basics of preservation funding for your bricks-and-mortar project.
FUNDING OPTIONS
MHT administers several grant and loan programs which assist what we refer to as “capital” (bricks-and-mortar) preservation activities.
- MHT Historic Preservation Loan Program: The program provides low-interest loans for rehabilitation, acquisition, refinancing or predevelopment costs. MHT typically funds one to three projects a year for borrowers including nonprofit organizations, local governments, businesses and individuals, with preference given to projects with a high level of public benefit. Applications are accepted on a rolling basis.
Key considerations: Loan amount will generally not exceed $300,000; property must be National Register listed or eligible for listing; conveyance of a perpetual preservation easement is required; business and individual applicants must demonstrate inability to secure funding on the private market.
Contact: Anne Raines, Deputy Director, MHT.
Leeke Academy, in Baltimore’s Fells Point neighborhood, received MHT Loan Program, MHT Capital Grant Program, and MHAA funding for a complete restoration.
