EPIP makes it possible for the preservation community to take direct action when an important historic resource is threatened with disinvestment, neglect, or demolition by providing loan funds for acquisition, stabilization, or rehabilitation. This loan program helps individuals, nonprofit organizations, companies, and municipalities return endangered historic properties to active use.
To date, the program has focused on making loans, but EPIP also allows the League to accept donations of property and contract to buy or sell a property.
As of June 2017, preservation loans totaling more than $3 million dollars have been made and have leveraged more than $4.4 million in other public and private investments.
EPIP Fast Facts
The maximum loan amount is $200,000.
In some circumstances, the loan can be structured as a revolving line of credit to permit more work to be accomplished.
The interest rate varies by project, but is typically around 4%.
A loan fee of $250 is due at closing. Borrower pays legal costs for closing.
Loans typically pay interest only during the term of the loan.
The term of the loan is up to 3 years.
Property must be historically significant and located in New York State.
Collateral varies by project, but prior loans have been secured by assignments of grants or other identified funding sources (tax credits, fundraising pledges, etc.); mortgages on real estate; cash; business assets and/or personal guarantees.
Work proposed must conform to the Secretary of the Interior’s Standards for Historic Preservation.
The EPIP program is both focused and flexible. Despite its focus – the preservation of historic structures – the program remains flexible and each loan is structured according to the needs of the applicant.