HOW DOES THE PROGRAM WORK?
The Revolving Fund acquires properties through donation, options or outright purchase of historic properties. A property qualifies for the Revolving Fund if it is endangered, has historical significance (National Register listed or eligible) and marketable for sale. The fund then markets the house locally and nationally to find a buyer who agrees to preserve and maintain the integrity of the structure. VIEW AVAILABLE PROPERTIES
WHAT LIMITATIONS ARE PLACED ON THE PROPERTIES?
To ensure proper preservation and maintenance of Revolving Fund properties, Historic Savannah Foundation attaches protective covenants to the deed when the property is sold. If rehabilitation is required, the purchaser must sign a rehabilitation agreement based on the work to be undertaken. New owners are not asked to perform museum quality restorations, but are obligated to follow the Secretary of Interior Standards for Rehabilitation. Both the protective covenants and the rehabilitation process are monitored by Historic Savannah Foundation.
IS SPECIAL FINANCING AVAILABLE?
Historic Savannah Foundation does not offer grant money or special financing for rehabilitation projects. However, there are tax credits available through the federal government for the rehabilitation of an income-producing property. In addition, a property tax freeze is available at the state level for owners who rehabilitate any certified historic structure. For more information on tax credits and the tax freeze, please visit the Georgia State Historic Preservation Office’s website, www.gashpo.org. Gifts of historic properties are also tax-deductable.