Revolving Fund

The Georgia Trust for Historic Preservation established its Revolving Fund program in 1990 to provide effective alternatives to the demolition or neglect of architecturally and historically significant properties by promoting their rehabilitation and monitoring their preservation in perpetuity. The Revolving Fund accomplishes this goal by either accepting property donations or by purchasing options on endangered historic properties. The properties are then marketed nationally to locate buyers who agree to preserve and maintain the structures. Protective covenants, in the form of a preservation easement, are attached to the deeds to ensure that the historic integrity of each property is retained. Purchasers are required to sign rehabilitation agreements based on the work to be performed on the structure.

The Revolving Fund Program Committee of the Board of Trustees of The Georgia Trust selects properties for the program based on the following criteria: Endangered: the property is threatened by development, demolition, or vacancy. Significant: the property is either listed or is eligible for listing in the National Register of Historic Places. Obtainable: the property's current owner is willing to sell or donate the property to the Revolving Fund Program. Marketable: can a sympathetic buyer realistically be located for the property? Building type, condition, location and price are considered. Locally supported: the project needs the support of local government and community groups who are willing to help market and safeguard the property.

While the Fund is not designed to be income-producing, any advertising or stabilization costs, up to an agreed-upon amount, are reimbursed by the seller at the time of sale. Any proceeds from the sale are returned to the fund, thereby "revolving" the use of the initial capital.

Individuals who purchase properties through the Revolving Fund Program are required to sign a rehabilitation agreement which defines the guidelines of rehabilitation to be undertaken and establishes a rehabilitation schedule for phases of work. Deadlines for the rehabilitation schedule are set by the purchaser after consultation with Georgia Trust staff, with all work being completed in about two years. The rehabilitation agreement also requires that all work performed on the property follows the Secretary of the Interior's Standards for Rehabilitation.

Every property sold through The Georgia Trust Revolving Fund Program is conveyed with a conservation easement in place. An easement is a partial interest in real property that is carried as a deed restriction that "runs with the land"; it is permanent. Unless specifically stated, the conservation easements reserved by The Georgia Trust pertain to the exterior of the property and its grounds. The easement is designed to protect against inconsistent or incompatible alteration of the the property.