PAWV receives Grant for a Revolving Fund Feasibility Study

By Danielle LaPresta Parker

This week, the Preservation Alliance of WV received a $15,000 grant from the 1772 Foundation to conduct a revolving fund feasibility study.  The 1772 Foundation, based in Newport, RI, is a national leader in the field of historic properties redevelopment programs. Many non-profit historic preservation organizations establish historic property redevelopment revolving funds to receive donations and other capital, which are used by the organization to either make loans for building renovations or purchase endangered properties that are then resold with easements.  The organization earns either loan repayments or property sales to replenish the revolving fund and continue to redevelop properties across the state. The feasibility study is the first step in the process of developing a historic properties redevelopment program and will help to determine what kind of program will be most effective in West Virginia. “We are thrilled at having this opportunity to start a fresh program in the Mountain State focusing on developing existing cultural assets and are very thankful for the 1772 Foundation’s grant to us,” explained Executive Director Danielle LaPresta Parker.

According to the 1772 Foundation, Executive Director Mary Anthony, “Historic properties redevelopment programs, sometimes known as revolving funds, greatly increase the number of historic buildings we can save and put back into use by the community. Unlike more reactive, traditional preservation models, they are proactive and robust; they move at the speed of the market, using the same tools and financing as for-profit developers. The 1772 Foundation awards grants for real estate education, fellowships, feasibility studies, and business plans in addition to increasing the capacity of existing programs through grants and loans to help grow this increasingly important sector of the historic preservation field.”

Danforth Ely, president of The 1772 Foundation, noted, “We have been promoting the relationship between historic properties redevelopment programs and economic development for many years. I am happy to note that almost half of this year’s grant recipients are receiving 1772 funding for the first time.”

Other grant recipients were the Newport County Development Council ($15,0000, Preserve Rhode Island ($30,000), the Providence Revolving Fund ($75,000), Cincinnati Preservation Association ($15,000); Connecticut Trust for Historic Preservation ($37,500); Fairmount Park Conservancy in Philadelphia, PA ($30,000); Germantown United Community Development Corporation also in Philadelphia ($50,000); Heritage Works in Dubuque, IA ($25,000); Historic Columbia Foundation ($15,000); Landmarks Illinois ($15,000); Louisiana Preservation Alliance ($75,000); Maine Preservation ($60,000); Michigan Historic Preservation Network ($75,000); Montana Preservation Alliance ($50,000); National Main Street Center in Chicago, IL ($135,000 – two projects), National Trust for Historic Preservation in Washington, DC ($225,000 – three projects); Preservation Alliance of New Orleans ($50,000); Preservation Maryland ($20,000); Preservation Massachusetts ($37,500); Restore Mobile ($25,000); The L’Enfant Trust in Washington, DC ($100,000); and Waterfront Historic Area League (WHALE) in New Bedford, MA ($150,000).

The 1772 Foundation was named in honor of its first restoration project, Liberty Hall in Union, NJ, which was built in 1772 and is the ancestral home of the Livingston and Kean families. The late Stewart B. Kean was the original benefactor of The 1772 Foundation. The 1772 Foundation works to ensure the safe passage of our historic buildings and farmland to future generations. More information about The 1772 Foundation may be found at www.1772foundation.org.

The Preservation Alliance of WV is the statewide nonprofit dedicated to historic preservation.  Started in 1982, the Preservation Alliance of WV promotes the re-use of cultural resources.  It administers the Preserve WV AmeriCorps program and the WV Endangered Properties List.

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