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By Beacon Journal staff
POSTED: 11:30 a.m. EDT, Aug 25, 2008
Projects in Akron could be eligible for funds in a new $6.3 million loan pool created to help develop affordable housing across the country.
The National Trust Loan Fund today announced the newly created fund. The fund is administered by the National Trust for Historic Preservation, which promotes community development in older and historic neighborhoods.
The loan fund was facilitated in part by a $1.3 million grant from the John S. and James L. Knight Foundation. That grant targets 26 communities where the Knight brothers once owned newspapers, plus Gulfport, Miss. and Pontiac, Mich.
Of the 28 cities, preference will be given to the eight cities that participated in the National Trust's Preservation Development Initiative, also funded by the Knight Foundation. Akron is not among those eight cities.
Eligible borrowers include community development corporations, nonprofit organizations and for-profit developers and local, state or regional government agencies. Prospective projects must focus on the acquisition and rehabilitation of multiple single-family, multifamily or mixed-use projects, including upper-floor conversions to residential uses. The properties should also be designated historic districts or eligible for the designation.
For more information on the loans, which have a maximum loan amount of $500,000 per project, go to http://www.preservationnation.org/loan-fund or call 202-588-6360. Applications are due by Sept. 30.
Projects in Akron could be eligible for funds in a new $6.3 million loan pool created to help develop affordable housing across the country.
The National Trust Loan Fund today announced the newly created fund. The fund is administered by the National Trust for Historic Preservation, which promotes community development in older and historic neighborhoods.
The loan fund was facilitated in part by a $1.3 million grant from the John S. and James L. Knight Foundation. That grant targets 26 communities where the Knight brothers once owned newspapers, plus Gulfport, Miss. and Pontiac, Mich.
Of the 28 cities, preference will be given to the eight cities that participated in the National Trust's Preservation Development Initiative, also funded by the Knight Foundation. Akron is not among those eight cities.
Eligible borrowers include community development corporations, nonprofit organizations and for-profit developers and local, state or regional government agencies. Prospective projects must focus on the acquisition and rehabilitation of multiple single-family, multifamily or mixed-use projects, including upper-floor conversions to residential uses. The properties should also be designated historic districts or eligible for the designation.
For more information on the loans, which have a maximum loan amount of $500,000 per project, go to http://www.preservationnation.org/loan-fund or call 202-588-6360. Applications are due by Sept. 30.
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