#TACOMA.FM – The City has announced a new loan program to help commercial and retail property owners invest in historic properties. The Historic Rehabilitation and Repair Loan Program (HRRLP) encourages habilitation, preservation and adaptive reuse.
“Tacoma’s historic properties give our community character and provide a lot of appeal. We want them occupied, looking good and open for business,” said Reuben McKnight, the City’s Historic Preservation Officer.
People with properties listed on Tacoma Register of Historic Places who are approved and meet underwriting criteria can use the loans to make envelope improvements, building systems and restoration or repair of exterior historic elements, so long as the projects meet historic preservation guidelines.
Interest rates will be low – based on the 10-Year U.S. Treasury Note, plus 1 percent. The loans, which can paid back over ten years, will range from $20,000 to $100,000 and provide up to 50 percent in gap financing in combination with the borrower’s other financial resources. The City’s program protects the public’s investment by placing a temporary lien on the property that’s removed once the load is repaid.
According to McKnight, “This tool will provide a non-conventional option which can make the difference in tipping the scale towards investment.”
Exclusively residential properties, additions and routine maintenance are excluded from the program. For more details or an application, contact Jacinda Howard, in the City’s Community and Economic Development Department, at (253) 591-5221.