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Historic Pres. Loan F * Grant P Planning Services Department Oty Hall 50 West 13th Street Dubuque, Iowa 52001-4864 (563) 589-4210 office (563) 589-4221 fax (563) 690-6678 TDD P lannin g@cityoldubuque.org D~~~E ~<k~ March 29, 2004 The Honorable Mayor and City Council Members City of Dubuque City Hall-50 W. 13th Street Dubuque, IA 52001 RE: Historic Preservation Revolving Loan Fund and Historic Preservation Homeowner Grant Programs Dear Mayor and City Council Members: The City of Dubuque Historic Preservation Commission is proposing amendments to the Historic Preservation Revolving Loan Fund and Historic Preservation Homeowner Grant Programs. The changes are shown in bold on the attachments. Discussion The Historic Preservation Commission discussed revising the terms of the Historic Preservation Revolving Loan Fund and Historic Preservation Homeowner Grant to help speed completion of projects sooner. These changes ensure that the funding will be used in a timely manner. The Historic Preservation Commission discussed adding City Landmarks as an eligible property for funding from the Revolving Loan Fund and Homeowner Grant Program. They noted that this would allow property owners to apply for the funding if their property has been designated as a City Landmark. Recommendation By a vote of 7 to 0, the Historic Preservation Commission recommends that the City Council approve the amendments to Historic Preservation Revolving Loan Fund and Historic Preservation Homeowner Grant. A simply majority vote is needed for the City Council to approve the amendments. Respectfully submitted, ~~ç24d! Historic Preservation Commission co .'.- s; ::CD (.,j a " Attachments is' ".' a Se",ke People Integrity RespOlliibility I=ovation Te=wmk HISTORIC PRESERVATION REVOLVING LOAN FUND Purpose: Preservation loans are available on a competitive basis to property owners in the four primarily residential historic districts for exterior rehabilitation projects that meet the Secretary of the Interior's Standards for Rehabilitation. This loan fund provides positive incentives to property owners in these districts to maintain and improve the community's architectural heritage. Applicant Eligibility Eligible Property Loan Amount Terms Security Eligible Improvements Review and Approval Any property owner. Must be at least 50 years old and located in Jackson Park, Cathedral, W.11 th Street or Langworthy Historic Districts (see map of historic districts) or designated as a City Landmark. Property must be in compliance with the City of Dubuque Code of Ordinances or Property must be in compliance with the City of Dubuque Historic Preservation Ordinance, Demolition District Ordinance and Zoning Ordinance. Up to $25,000.00 3% 10 years Monthly principal and interests payments begin after project completion. Work must be initiated within three (3) months and completed within six months from date of Historic Preservation Commission approval. The Commission may grant additional time, if needed. Limit one loan per building. At least a 2nd mortgage position and promissory note. Exterior work that results in property improvements that meet the Secretary of the Interior's Standards for Rehabilitation. Priority will be given to projects that result in saving, restoring or reconstructing original building elements, using original materials that reflect the architectural character or significance ofthe property. A loan review committee will rank eligible applications. The Historic Preservation Commission must approve all work to be completed. All applicable City permits and reviews must be completed; e.g., building permits, rental license, housing inspection. HISTORIC PRESERVATION HOMEOWNER GRANT PROGRAM Purpose: Preservation grants (in the form of a forgivable loan) are available on a competitive basis to income-qualifying owner-occupants in any local historic district for specific rehabilitation projects that preserve the original building materials and character-defining features of the home. These grants provide financial incentives to homeowners to maintain and improve their own neighborhood's historic building inventory. Applicant Eligibility Owner-occupant of Single-family, duplex or 3-unit property HUD income-eligible (80% of median family income - see Participant Income Verification Report). Eligible Property Located in Historic Preservation District and be at least 50 years old or be designated as a CitY Landmark. Property must be in compliance with the City of Dubuque Code of Ordinances or Property must be in compliance with the City of Dubuque Historic Preservation Ordinance, Demolition District Ordinance and Zoning Ordinance. Amount Up to $5,000 forgivable loan; fully forgiven after 5 years if applicant remains in the home. Security Work must be initiated within three (3) months and completed within six months from date of Historic Preservation Commission approval. The Commission may grant additional time, if needed. At least a 2nd mortgage position and promissory note. Terms Eligible Improvements Exterior work to repair or restore: porches, wood windows, wood doors, wood siding, character-defining features, and chimneys. Exterior painting and historic colors paint projects. Work must meet the Secretary of the Interior's Standards for Rehabilitation. Review and Approval A grant review committee will rank eligible applications. The Historic Preservation Commission must approve all work to be completed. All applicable City permits and reviews must be completed; e.g., building permits. Planning Services Department City HaIl 50 West 13th Street Dubuque, Iowa 52001-4864 (563) 589-4210 office (563) 589-4221 fax (563) 690-6678 TDD planning@cityofdubuque.org D~ ~<k~ March 29, 2004 The Honorable Mayor and City Council Members City of Dubuque City Hall-50 W. 13111 Street Dubuque, IA 52001 RE: Historic Preservation Revolving Loan Fund and Historic Preservation Homeowner Grant Programs Dear Mayor and City Council Members: The City of Dubuque Historic Preservation Commission is proposing amendments to the Historic Preservation Revolving Loan Fund and Historic Preservation Homeowner Grant Programs. The changes are shown in bold on the attachments. Discussion The Historic Preservation Commission discussed revising the terms of the Historic Preservation Revolving Loan Fund and Historic Preservation Homeowner Grant to help speed completion of projects sooner. These changes ensure that the funding will be used in a timely manner. The Historic Preservation Commission discussed adding City Landmarks as an eligible property for funding from the Revolving Loan Fund and Homeowner Grant Program. They noted that this would allow property owners to apply for the funding if their property has been designated as a City Landmark. Recommendation By a vote of 7 to 0, the Historic Preservation Commission recommends that the City Council approve the amendments to Historic Preservation Revolving Loan Fund and Historic Preservation Homeowner Grant. A simply majority vote is needed for the City Council to approve the amendments. Respectfully submitted, ~Jfç2~ Historic Preservation Commission 5: ~ Lj a Attachments >~ è;5 is' -- f'.) 0 Semce People Integrity Respolliibility Innovation Te=wo,k HISTORIC PRESERVATION REVOLVING LOAN FUND Purpose: Preservation loans are available on a competitive basis to property owners in the four primarily residential historic districts for exterior rehabilitation projects that meet the Secretary of the Interior's Standards for Rehabilitation. This loan fund provides positive incentives to property owners in these districts to maintain and improve the community's architectural heritage. Applicant EligibilitY Eligible Property Loan Amount Terms Security Eligible Improvements Review and Approval Any property owner. Must be at least 50 years old and located in Jackson Park, Cathedral, W.11111 Street or Langworthy Historic Districts (see map of historic districts) or designated as a City Landmark. Property must be in compliance with the City of Dubuque Code of Ordinances or Property must be in compliance with the City of Dubuque Historic Preservation Ordinance, Demolition District Ordinance and Zoning Ordinance. Up to $25,000.00 3% 10 years Monthly principal and interests payments begin after project completion. Work must be initiated within three (3) months and completed within six months from date of Historic Preservation Commission approval. The Commission may grant additional time, if needed. Limit one loan per building. At least a 2nd mortgage position and promissory note. Exterior work that results in property improvements that meet the Secretary of the Interior's Standards for Rehabilitation. Priority will be given to projects that result in saving, restoring or reconstructing original building elements, using original materials that reflect the architectural character or significance ofthe property. A loan review committee will rank eligible applications. The Historic Preservation Commission must approve all work to be completed. All applicable City permits and reviews must be completed; e.g., building permits, rental license, housing inspection. HISTORIC PRESERVATION HOMEOWNER GRANT PROGRAM Purpose: Preservation grants (in the form of a forgivable loan) are available on a competitive basis to income-qualifying owner-occupants in any local historic district for specific rehabilitation projects that preserve the original building materials and character-defining features of the home. These grants provide financial incentives to homeowners to maintain and improve their own neighborhood's historic building inventory. Applicant Eligibility Owner-occupant of Single-family, duplex or 3-unit property HUD income-eligible (80% of median family income - see Participant Income Verification Report). Eligible Property Located in Historic Preservation District and be at least 50 years old or be designated as a CitY Landmark. Property must be in compliance with the City of Dubuque Code of Ordinances or Property must be in compliance with the City of Dubuque Historic Preservation Ordinance, Demolition District Ordinance and Zoning Ordinance. Amount Up to $5,000 forgivable loan; fully forgiven after 5 years if applicant remains in the home. Security Work must be initiated within three (3) months and completed within six months from date of Historic Preservation Commission approval. The Commission may grant additional time, if needed. At least a 2nd mortgage position and promissory note. Terms Eligible Improvements Exterior work to repair or restore: porches, wood windows, wood doors, wood siding, character-defining features, and chimneys. Exterior painting and historic colors paint projects. Work must meet the Secretary of the Interior's Standards for Rehabilitation. Review and Approval A grant review committee will rank eligible applications. The Historic Preservation Commission must approve all work to be completed. All applicable City permits and reviews must be completed; e.g., building permits.