Program Definition: The HCF Facade Loan Program is a financial assistance program administered by the Foundation to assist owners in rehabilitating residential structures of historic and/or architectural significance. Loans will be made up to a maximum of $15,000.00 and will bear a 2% interest rate. Loan servicing provided by NeighborWorks Columbus.
Type of Loans and Disbursement of Loan Proceeds:
- $15,000 maximum Loan
Applications for HCF’s Facade Loan Program are currently accepted year-round. A Loan Review Committee appointed by the HCF Board President, shall review those applications meeting the initial guidelines/requirements. Limited funds are available and the Loan Review Committee will make the final decision on applications. For an application and/or for more information not listed here, please call HCF’s Office Manager at (706) 322-0756.
Property Eligibility Requirements
A Facade Loan application may be submitted using the following criteria:
- The property must be eligible for listing on the National Register of Historic Places (meaning 50 years old or older), located within a designated Historic District, National Historic Landmark District, or be individual listed on the National Register of Historic Places.
- The current use of the property must be residential.
- The applicant must own, in fee simple title, the property that is to be rehabilitated, or the applicant must be purchasing the property under a valid sales contract. Evidence of ownership of the property to be provided by a copy of the warranty deed or sales contract.
- Owner occupied will be given first consideration.
- The property must be physically and financially feasible of being rehabilitated.
- The facade loans are designated for exterior improvements only.
Loan Application Process:
The credit application must be completed to the fullest extent possible, in the form prescribed by the Loan Review Committee, and will be part of the basis for the approval of the Loan Application by the Committee.
1. Priority in rehabilitation will be as follows:
- Correction of violations of Rehabilitation Standards and Southern Standard and City Building Codes.
- Correction of incipient health and safety problems.
- General property improvements.
2. The Loan Review Committee must approve the quality of the proposed changes.
3. A project work plan and write-up of the proposed rehabilitation work must be approved by the Loan Committee and in the form required thereby.
4. Use of Proceeds: The borrower shall agree to use the loan proceeds only to pay for costs of services and materials necessary to carry out the rehabilitation work identified in the project work plan. Proceeds shall not be used to pay expenses for work completed prior to loan approval. Borrowers shall not be paid for their own labor.
5. Permit Requirements: For work other than general maintenance of property, (1) all work shall be done under a building permit(s) issued by the City of Columbus and (2) Certificates of Appropriateness must be obtained from the Board of Historic and Architectural Review.
6. Inspections: The borrower shall permit inspection of the property by City of Columbus employees for compliance with all City codes and ordinances pertaining to property maintenance and safety standards. The borrower shall permit inspection of the property by Historic Columbus Foundation, Inc.
7. The borrower shall keep records of payments and receipts in connection with the rehabilitation work.
8. Work Completion: The rehabilitation work must be completed in three months from the time the loan is approved.
For a complete Facade Loan Application and/or for more information, contact HCF’s Office Manager at (706) 322-0756.