Cincinnati Preservation Revolving Fund

The Endangered Building Revolving Fund is an historic properties redevelopment program, commonly known as a revolving fund.  It is an active real estate-based program for protecting endangered properties using techniques such as: options, purchase/resale, easements and tax credits. 

 

We utilize a range of methods from loans to support redevelopment of historic properties to direct investment by purchasing endangered buildings. 

 

The primary focus of the Endangered Building Revolving Fund  is to offer loans to end users that are supported and enhanced by escrow deposits we make to the Cincinnati Development Fund (CDF), a nonprofit lending institution that fills a gap not covered by traditional lenders.  We currently have two projects underway. Our first project was in support of work at 1725 Elm Street in Over-the-Rhine.  The second supported our purchase of an 1833 Greek Revival house in Batavia that was  under orders for demolition. 

 

Project #1 – 1725 Elm Street has been stabilized due to the funding we enabled. The project has been awarded federal and Ohio historic tax credits and has moved into the next phase of rehabilitation. The Italianate building was vacant and the rear portion was slated for demolition.  CPA helped fund the stabilization work in partnership with CDF.  The stabilization funds helped this important building in the historic Findlay Market area retain the rear section and move forward with a complete rehabilitation project.  The funding we provided has now been returned and is available  to support other preservation related loans.

 

Project #2 – The second CPA Revolving Fund project is the purchase of 225 Wood Street in Batavia, Ohio. This highly significant 1833 Greek Revival house is vacant and has been declared a public nuisance. The Batavia Village Council reluctantly ordered demolition. After months of negotiations ahd title work, we completed the purchase of the property in March 2021.  We have preformed maintenance since October and are currently doing minor repairs.  The house will have a historic conservation easement attached to the title and be sold to a preservation minded buyer later in 2021. 

 

The Revolving Fund has received several grants the 1772 Foundation located in Providence, Rhode Island.  That support has been transformational for our organization. While we continue to do our work in education and advocacy, we are now providing direct support for preservation projects and even taking ownership of endangered sites when necessary. 

 

The Cincinnati Preservation Revolving Fund has expanded our ability to save historic property in many ways. In addition to the work within our revolving fund we are also assisting with efforts to save the iconic bell tower of an 1895 church on Washington Park. The bell tower is under demolition orders from the city due to structural concerns.  Our intervention has convinced the parish to delay demolition while we jointly seek funding for a stabilization project. Cincinnati Preservation Association’s board authorized a $50,000 grant and  a local foundation is considering a $50,000 grant. While our funding of the bell tower project is separate from the Revolving Fund capital, the decision to take such direct action was in part shaped by our new, more action oriented approach the Revolving Fund has engendered.  

 

Let us know if you have a project that is a candidate for the Endangered Building Revolving Fund.  Just send us an email us at info@cincinantipreservation.org.

 

Scroll to Top