What Is The Preservation Revolving Fund Program?
Historic Nashville established the Preservation Revolving Fund Program in November 2014 to provide effective alternatives to the demolition or neglect of architecturally and historically significant properties in Nashville and Davidson County.
The Preservation Revolving Fund Program is intended to promote the rehabilitation and preservation of endangered historic properties in perpetuity. The Preservation Revolving Fund will accomplish this goal by either accepting property donations or by purchasing options or outright purchase of endangered historic properties in Nashville.
The endangered historic properties are then marketed to locate buyers who agree to preserve and maintain them. Protective covenants, in the form of a Preservation Easement administered by Historic Nashville, are attached to the deeds to ensure that the historic integrity of each property is retained. Purchasers are required to sign rehabilitation agreements based on the work to be performed on the property.
How does the preservation revolving fund program work?
- Endangered historic properties are acquired through donation, purchase options, or outright purchase to save them from demolition, inappropriate renovations, or severe neglect.
- Acquired properties are placed under protective Preservation Easement administered by Historic Nashville, ensuring their protection from demolition and inappropriate renovations in perpetuity.
- Properties are then marketed and sold to new owners who agree to undertake the necessary rehabilitation.
- New owners agree that all rehabilitation and renovation work will follow the Secretary of the Interior guidelines for renovation of historic properties.
- All proceeds generated from the sale of Preservation Revolving Fund Program properties are returned to the fund to replenish the reserves which will enable future acquisitions by Historic Nashville.
How can you help the Preservation Revolving Fund Program?
The Preservation Revolving Fund Program needs your support with gifts of donations. The cycle of acquisition and re-sale will keep the revolving fund, in theory, active in perpetuity. However, sometimes some endangered historic properties will be harder to sell than others and stabilizing, insuring, and maintaining them will slowly deplete the fund over time. The Preservation Revolving Fund Program will combat the decline in funds by accepting donations of property. Selling donated property will put money back into the fund and keep it ready for the next acquisition. The Preservation Revolving Fund Program will also actively seek donations from individuals and foundations to support the management of the Program and to fill the coffers for purchasing threatened properties.
