The Vital Sites Low-Interest Loan Program is seeking applications for the next round of loans to assist owners of historic properties in performing needed repairs.
Applications are being accepted now through Friday, Feb. 28.
The program, first announced in 2023 is a partnership between Louisville Metro Government and the Owsley Brown II family. With a dual commitment of $1 million to historic preservation projects that repair, stabilize, and rehab eligible homes and commercial properties in Jefferson County. The loans range from $10,000 to $75,000 with very low interest rates of 1 – 2%
“So many of our city’s homes are steeped in history, and we are proud of the progress that has been made since the program’s launch,” said Mayor Craig Greenberg in a release. “This fund, through Vital Sites, is helping property owners make needed repairs to stabilize, revitalize and renovate important structures. This program is not only helping families fix their homes, but it is helping transform entire neighborhoods.”
The program is set to prioritize neighborhoods west of 9th Street and areas that are underrepresented, and have a high density of historic properties. These areas include Beechmont, Portland, Russell, Shelby Park, Smoketown, Taylor Berry, and James Taylor – Jacob School close to Harrods Creek.
On Tuesday, Feb. 25 at Brown Memorial CME Church (809 W. Chestnut St.), there will be another public meeting about the program for those interested in learning more.
Qualifying for the loans, properties should be listed or eligible for listing in the National Register of Historic Places. This means, the properties need to be at least 50 years old and have a high proportion of original design and materials.
To date, eight projects have been funded.
- A mixed-use space in Smoketown that once housed a blues club received $75,000 for redevelopment as a home and office
- Home in Russell received $35,000 for various repairs including box gutters, tuckpointing, window and masonry repair
- A home in Shawnee that was in danger of collapse, received $10,000 to replace an essential structural beam that had severe termite damage.
“The contractor was surprised the house hadn’t already fallen in,” said the homeowner of the Shawnee home. The owner expressed gratitude for the loan that saved the structure and gave him an option when he had no others.
“With so many great buildings throughout these neighborhoods, we know there is a need,” said Heath Seymour, Vital Sites executive director in a release. “We encourage all owners that may qualify to submit an application. Few funding opportunities offer rates this low, and while competitive, the process is simple and the outcome is worth the effort. We want to help residents stay in their homes, and help new and potential home and building owners invest in properties to bolster neighborhood stability.”
Repairs that are eligible with the loans include:
- roofing,
- windows,
- siding or masonry,
- fencing,
- painting, plaster, and drywall,
- flooring,
- HVAC, electrical, and plumbing.
Repairs should attempt to adhere to rehab standards and restore instead of replace when appropriate.
The Vital Sites Loans may be paired with other state and local programs to raise the financial impact.
Owners can learn more about state and federal historic rehab tax credits through the Kentucky Heritage Council.
To access the loan application or information, visit www.vitalsites.org or email [email protected].
