- How Do I...
- Find Down Payment Information?
- Find CDBG Information?
- Be a Better Neighbor?
- Make My Home Energy Smart?
- Apply for a Business Loan?
Connect With Us
- You Are Here:
- Provo City
- >
- Provo City Government
- >
- Redevelopment Agency
- >
- Home Ownership Assistance
- >
- Home Ownership Programs
- >
- Historic Preservation Loans
Historic Preservation Loans
What it is?
A 0%,15-year matching loan program to assist home owners in the Pioneer Neighborhoods with the preservation and restoration of historic homes.
Who Qualifies?
Applicants must be income eligible.
What housing Qualifies?
- The home must be located within the Dixon, Franklin, Timp, Maeser or Joaquin Neighborhoods (see map).
- The building must be listed on the Provo City Landmarks Register or the owners must be willing to have it placed on the Landmarks Register as a condition of loan approval. Owners of properties who have made application for Landmarks Register approval may concurrently apply for the loan program, and if approved by the Municipal Council, shall have priority over subsequent applications.
How much can you qualify for and what are the terms?
The maximum loan amount is $10,000 with an equal match to be provided by the applicant. The match must be documented as part of the application process. The loan will be a 0%,15-year loan with payments beginning upon completion of the project. The project must be completed within six (6) months of loan approval with the possibility of a six (6) month extension on the required completion date.
Program priorities:
- Projects must be on the exterior of building used for residential purposes and excludes additions.
- Priority will be given to applicants requesting funds for exterior rehab and are also completing interior rehabs that eliminate one or more units and return a home to a single-family residence.
- Priority will be given to applicants with a qualifying home that is not currently on the Landmarks Register but are willing to have their property placed on the register as a condition of loan approval. For further information about what homes qualify for the Landmarks Register, contact the Community Development Department at 852-6400.
Work to be completed on homes will be prioritized as follows:
- Restore integrity of front by removing incompatible features and restoring missing or altered features
- Restore and replace historic features on front
- Restoration of sides
What you need to do to apply...
Review Process
All applications are submitted to the Provo Redevelopment Agency and then evaluated by the Provo Landmarks Commission and Utah State Historical Society. After the evaluation process is complete the application will be returned to the Provo Redevelopment Agency staff and loan committee accompanied by a Letter of Support from the Provo Landmarks Commission and a copy of the State approval. The RDA staff will review the applications for compliance with applicable HUD requirements prior to approval. The Landmarks Commission will maintain an advisory role over the project to ensure that the work is completed as presented in the approval. Before work is undertaken documentation must be provided of a minimum of three bids requested; chosen contractors must have current valid state licenses and show evidence of current liability insurance.
- Submit a completed and signed application to the Provo Redevelopment Agency at 86 N. University Ave., Ste. 240, Provo, UT 84603. (Applications available online).
- Attach copies of Federal Income Tax returns (1040 's) for the past three years.
- Attach copies of pay stubs for the last three months for all working household members over 18 years of age.
How long does it take to process a loan application?
Our normal loan processing time is approximately one week to determine eligibility after approval from the Landmarks Commission and State Historical Society. Upon completion of work and verification that work has been completed as planned, bills will be submitted to the Redevelopment Agency and checks will be provided to pay those hired to complete the work.
As part of the application process to the Redevelopment Agency the ability to provide the match will be required. The applicant will be required to spend their match prior to Redevelopment Agency funding being provided.
As part of the application a complete project list must be submitted.
A lien will be placed against the home until the loan is paid in full. www.provo.org/./downloads/econdev/rehab_application.pdf
Address:
250 W. Center Street- Suite 340
Provo, Utah 84601 - Phone:
801-852-6160 - Fax:
801-375-1469 - Office Hours:
Monday - Thursday7 a.m. - 6 p.m.
