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The Providence Preservation Society Revolving Fund, Inc., was incorporated in 1980 as a separate, 501(c) 3 non-profit organization, affiliated with the Providence Preservation Society. The organizational structure of the Revolving Fund places policy decisions in the hands of a small, highly skilled, nine-member board, representing expertise in real estate development, law, architecture, and social services. Seventy percent of the Board lives in low- and moderate-income neighborhoods served by the Revolving Fund. The Revolving Fund is staffed by the executive director, program administrator, and three project managers. Clark Schoettle has served as Executive Director since 1983. You can reach the staff by phone or e-mail by clicking contact.
Through rehabilitation loans, ownership, development, and sale of property, the Revolving Fund is directly involved in the revitalization of historic neighborhoods and commercial areas in the city. The Revolving Fund manages two capital funds, the Neighborhood Fund with over $2 million in assets and the Downcity Fund with $7.2 million.
Neighborhood Loans
The Neighborhood Fund is used to stimulate revitalization in low-and-moderate income historic neighborhoods in Providence. Funds are used to purchase endangered properties for resale to responsible owners and make low-interest rehabilitation loans to owners who cannot get conventional financing due to the income level of the homeowner and/or the condition of the building and area. Funds are committed on a short-term basis and are "revolved" back into the capital fund when a building is resold or as loans are paid back. To insure sound investments and appropriate renovations, the Revolving Fund provides extensive financial counseling and prepares plans and specifications for loan recipients.
To maximize its impact, the Neighborhood Fund resources are targeted to specific historic neighborhoods that are in need of revitalization. The Revolving Fund primarily serves low- and moderate-income families, targeting the Broadway-Armory District since 1982 and North Elmwood, and part of Upper South Providence since 1986. Working with neighborhood steering committees, strategies are tailored to meet the needs of the area. Generally, this involves home improvement loans for occupied buildings and the targeted acquisition and development of abandoned buildings for resale.
Downcity Loans
The Downcity Fund was established in 2004 with the commitment of a $7.2 million program related investment from the Rhode Island Foundation. Under this agreement, the PPS Revolving Fund received the assets of the Downcity Partnership, Inc., which had been initiated by the Rhode Island Foundation in 2001. An initial transfer of $3.5 million was completed in March, 2004. An additional $3 million was received in July, 2005. The Downcity Fund provides capital for loans to qualified borrowers for substantial renovations and for façade improvements in Downcity.
An important part of this undertaking has been the collaboration formed with the Providence Foundation, the non-profit organization which represents the Downcity business community. The Providence Foundation is providing the necessary coordination of the Downcity stakeholders and management and promotion activities. Income generated from the fund supports the PPS Revolving Fund in the administration of the loan program and provides funds to the Providence Foundation for advocacy, coordination and marketing for Downcity.
Development
Since 1982, the Neighborhood Fund has invested over $5 million for 393 restorations in the Armory District, North Elmwood/Upper South Providence, including the renovation of 46 previously abandoned buildings. This has leveraged over $10.75 million in additional financing, producing 798 renovated residential units. To date, there have only been six defaults totaling $51,000.
In Downcity, the Revolving Fund has made substantial loans for gap financing in the conversion of empty office buildings to residential apartments. Since 1998 it has loaned $2 million in Downcity, supporting $25 million in development and creating over 100 housing units.
In historic neighborhoods, the RF has purchased and developed 50 historic properties, totaling over $12.1 million in development. This has included 29 houses sold to low- and moderate-income owner-occupants, 12 houses developed for 53 units of very low-income rental housing, and one house for three units of AIDS transitional housing.
The Revolving Fund also sponsors affordable housing components in larger projects. It acted as development consultant, lender, and sponsor in several industrial mill conversions, lending over $740,000 and securing over $790,000 in HOME grant funds and over $6.6 million in State and Federal Tax Credits. The Monohasset Mill project included 6 affordable units out of 19 live/work artist condominium units, and the development of the Pearl Street Lofts included 4 affordable units out of 19 condos, and 35 apartments.
The Revolving Fund is involved in a wide variety of projects at any given time. If you would like to view some of our recent activities click on recent projects.
Consulting
The RF consults on a variety of historic preservation projects in Providence, working with non-profit and for-profit developers on affordable housing and commercial development in threatened historic properties. The RF has significant experience in design review and historic tax credits. It has successfully prepared over 110 historic tax credit certifications, worth millions of dollars. It has participated as historic preservation and development consultant to West Broadway Neighborhood Association, SWAP, the Elmwood Foundation, Women's Development Corporation, Omni Development Corp., AIDS Care Ocean State, Smith Hill Community Development Corporation, Foundry Associates, Streuver Brothers, Armory Revival Company, West Elmwood Housing Development Corporation, Cornish Associates, Urban Smart Growth and Youth In Action.
Architectural Salvage
The PPS Revolving Fund also maintains a select collection of architectural salvage, which is available to property owners who are Providence Preservation Society members who are renovating houses in Providence. The salvage has been collected from houses which have been demolished and from discarded historic items from house renovations. We accept donations of architectural materials, but reserve the right to be selective. To see a sampling of what is available click on salvage.
Donations
As a non-profit organization, the PPS Revolving Fund relies on private donations for operating support. We will gladly accept donations of artifacts, property, and money. Please click donations to make a contribution.
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