Revolving Loan Guidelines

1. Geographic Boundaries of fund target area: North – Washington Avenue; West -  Glenwood Cemetery; South – Memorial Drive; East – Houston Avenue
2. Properties eligible must be listed on the National Register of Historic Places, or are able to be listed as determined by the Texas Historical Commission or City of Houston Historic Preservation Department.
3. Applicants eligible are those 1) owners of the property; or 2) those planning to purchase a property with a signed earnest money contract.
4. EXTERIOR STRUCTURAL RESTORATION projects take precedence over non-structural.  In order of priority - front porch or millwork; windows or doors; exterior siding; correction of a historically and architecturally unsympathetic alteration; foundation piers; roof; paint; and chimney.  All restorations must follow the Secretary of the Interiors Standards for Rehabilitation.
5. EXTERIOR NON-STRUCTURAL RESTORATION projects, in order of priority – fence; sidewalks; and lighting.  The first choice is restoration of existing, then installation of a new.  All restorations must follow the Secretary of the Interiors Standards for Rehabilitation.
6. Purchase assistance loans: Purchases of structures have priority over land, unless the land purchase is to move an endangered home within the boundaries noted in Item #1 onto the land.  A seven and a half percent minimum equity investment in the property is required.
7. House moving loans: a loan may be requested to assist in the cost of moving a house within the geographic boundaries listed in Item #1.  This may be for utility pole drops at street crossings, or the house mover.
8. Disbursement of funds: A Certificate of Appropriateness from the City of Houston Historical and Archeological Commission must be approved (if project requires C of A) before funds are released.  Drawings, historical documents, detailed diagrams, and/or plans must be furnished with the loan application.
9. Restrictive Covenants: Restrictive covenants ensuring the ongoing preservation of the property shall be attached to the deed for the property in ALL instances where a loan is awarded.  A time period for completion of the project will be included in the restrictive covenants, and will vary from loan to loan.
10. Interest Rate: The interest rate is one (1) point higher than prime, as determined by the Federal Reserve Board, and shall be locked in at the time the loan is approved.
11. Expenditures: Based on the loan amount and the project, the Revolving Loan Committee may recommend a series of draws based on work accomplished.  After a formal review of the loan, a recommendation, including payment structure & expenditure schedule is made to the Old Sixth Ward Neighborhood Association Executive Committee for approval.