CPA’s Revolving Fund can be used to save endangered buildings by providing short term loans to owners of historic buildings and to support direct action through CPA acquisition of endangered sites.
What is the Cincinnati Preservation Revolving Fund?
The Cincinnati Preservation 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.
The primary focus of the Cincinnati Preservation 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.
The Cincinnati Preservation Revolving Fund has received several grants from 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.
If you have a project that be a candidate for the Cincinnati Preservation Revolving Fund, please contact us at firstname.lastname@example.org.
Revolving Fund Projects
1725 Elm Street – Our first project provided support to stabilize the endangered rear portion of 1725 Elm Street in Over-the-Rhine. The stabilization has been completed and soon the entire building will be renovated into apartments overlooking Findley Market.
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.
The Dennison House – 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 and title work, CPA 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.
Related Projects –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.
Our Program Supporters
Thanks to our program supporters: 1772 Foundation & Cincinnati Development Fund
The Cincinnati Preservation Revolving Fund has received several grants from the 1772 Foundation located in Providence, Rhode Island. The foundation, based in Providence, Rhode Island, works throughout the nation to assist preservation organizations save historic properties. They encourage use of a range of methods from loans to support redevelopment of historic properties to direct investment by purchasing endangered buildings. That support has been transformational for our organization.
In 2020, we received a second grant from the 1772 Foundation. This Providence, Rhode Island-based foundation provided funding for this program, which is already being used to support stabilization of historic structures in coordination with the Cincinnati Development Fund.