The 1772 Foundation has announced that Cincinnati Preservation Association (CPA) has been awarded a grant to fund a feasibility study for a CPA revolving fund.
The foundation, based in Newport Rhode Island, is funding the study to help CPA begin an historic properties redevelopment program. The study will evaluate several options ranging from loans to support redevelopment of historic properties to funds for direct investment in CPA lead projects.
“CPA has been planning the creation of this new preservation tool for several years. This $15,000 grant from the 1772 Foundation is an important step forward,” said Paul Muller, CPA’s executive director. “With the resurgence of OTR and downtown, renovation of even distressed historic buildings is, in many cases, now economically viable. This fund will help us take action in tough cases, the ones that are very important but also very challenging.”
The current efforts to save 313 West Fifth Street is the type of project a revolving fund might address.
The study will also evaluate ways to structure a loan program to assist people who want to develop historic properties stabilized by the Hamilton County Land Reutilization Corporation (HCLRC), also known as the Landbank. A number of important buildings have been saved from demolition by the Landbank’s innovative Historic Building Stabilization Program. As these properties move back onto the tax rolls as renovated, productive buildings, the program may be able to expand and increase the positive impact it is already having in historic neighborhoods.
“The Landbank congratulates CPA on this grant – they are a deserving agency with a long track record of revitalizing the region through stewardship of historic assets,” according to Susan Thomas, Executive Vice President of the Port of Greater Cincinnati Development Authority, which manages the Landbank. “CPA is a great partner to our neighborhood revitalization efforts and we value their continued expertise.”
Based on the results of the study, one option for the program may be to work in collaboration with the Cincinnati Development Fund (CDF), one of the nation’s leading nonprofit lending institutions. CDF fills a gap not covered by traditional lenders and provides funding for real estate development in under-served markets in the Greater Cincinnati area.
Preservation of historic buildings has become a source of civic pride in Cincinnati. The demand for buildings and neighborhoods with character is the driving force of the current resurgence of entire neighborhoods. The grant from the 1772 Foundation brings Cincinnati Preservation Association one step closer implementing a long term goal and will give the organization powerful economic tools to save more of our history.
According to 1772 Foundation Executive Director Mary Anthony, “Historic properties redevelopment programs, sometimes known as revolving funds, greatly increase the number of historic buildings we can save and put back into use by the community. Unlike more reactive, traditional preservation models, they are proactive and robust; they move at the speed of the market, using the same tools and financing as for-profit developers. The 1772 Foundation awards grants for real estate education, fellowships, feasibility studies, and business plans in addition to increasing the capacity of existing programs through grants and loans to help grow this increasingly important sector of the historic preservation field.” B. Danforth Ely, president of The 1772 Foundation, noted, “We have been promoting the relationship between historic properties redevelopment programs and economic development for many years. I am happy to note that almost half of this year’s grant recipients are receiving 1772 funding for the first time.”
The 1772 Foundation, based in Newport, RI, a national leader in the field of historic properties redevelopment programs, awarded grants totaling $1,325,000 at its recent quarterly meeting. Grants ranged in amount from $15,000 to $150,000. In Rhode Island, the Newport County Development Council received $15,000, Preserve Rhode Island received $30,000, and the Providence Revolving Fund received $75,000.
Other grant recipients in addition to Cincinnati Preservation Association ($15,000); were: Connecticut Trust for Historic Preservation ($37,500); Fairmount Park Conservancy in Philadelphia, PA ($30,000); Germantown United Community Development Corporation also in Philadelphia ($50,000); Heritage Works in Dubuque, IA ($25,000); Historic Columbia Foundation ($15,000); Landmarks Illinois ($15,000); Louisiana Preservation Alliance ($75,000); Maine Preservation ($60,000); Michigan Historic Preservation Network ($75,000); Montana Preservation Alliance ($50,000); National Main Street Center in Chicago, IL ($135,000 – two projects), National Trust for Historic Preservation in Washington, DC ($225,000 – three projects); Preservation Alliance of New Orleans ($50,000); Preservation Alliance of West Virginia ($15,000); Preservation Maryland ($20,000); Preservation Massachusetts ($37,500); Restore Mobile ($25,000); The L’Enfant Trust in Washington, DC ($100,000); and Waterfront Historic Area League (WHALE) in New Bedford, MA ($150,000).
More about Cincinnati Preservation Association
Cincinnati Preservation Association is a private, nonprofit, membership organization that serves the Greater Cincinnati community. CPA works to preserve historic buildings, neighborhoods and cultural resources through education, advocacy, and technical support. Additional information may be found at http://cincinnatipreservation.org
More about 1772 Foundation
The 1772 Foundation was named in honor of its first restoration project, Liberty Hall in Union, NJ, which was built in 1772 and is the ancestral home of the Livingston and Kean families. The late Stewart B. Kean was the original benefactor of The 1772 Foundation. The 1772 Foundation works to ensure the safe passage of our historic buildings and farmland to future generations. More information about The 1772 Foundation may be found at www.1772foundation.org