Work must be completed in entirety, but can sometimes be part of an ongoing project. Proposed work may be required to go through the City's alteration review process for Historic Landmarks and meet the Secretary of Interior's Standards for Rehabilitation . This may change from year to year as determined by the department director. Loan will amortize on a 10-year term requiring monthly payments. Loans may be amortized over a longer period.
Longer amortizations are a program exception.
The owner must provide proof of available matching funds. The City approves loans only after complete, independent evaluations of the applicant's credit worthiness and project feasibility. All loans are secured to collateral appropriate to the loan request. Your loan is based on an inspection of your property and a write-up of the necessary work. A City historic rehabilitation specialist will inspect your property to understand proposed work 3.5 Bidding Before a loan is approved, the applicant must obtain bids for the rehabilitation work from at least two contractors.