Revolving Loan Fund Project Research in Philadelphia Continues
Work is progressing towards the creation of a new Revolving Loan Fund Program for owners of historic homes needing exterior repairs of their homes. We are honored to be chairing this new committee of the Preservation Alliance for Greater Philadelphia
The new Revolving Loan Fund for exterior repair will target the City of Philadelphia and National Register designated historic homes and will start as a pilot project in one neighborhood.
This loan fund will be called the Julia Kiessling Heritage Home Program to honor Julia Kiessling who left a sizable bequest to the Alliance. The PAGP Board decided to dedicate a substantial portion of the bequest to this loan fund. We hope to focus the loan program on a specific neighborhood to evaluate the concept and to show the impact that the investment of modest loans can have on a small number of blocks within a larger historic district. The program is designed for low-and moderate-income homeowners or landlords with up to four units in one building. The Committee is working through details of the program now with the hope of launching the program in 2025. We are fortunate to collaborate with a committee of ten active board members and volunteers who have been dedicated to creating this new incentive for historic homeowners.