What is the Restore Saint Paul loan program?
The Restore Saint Paul loan program is a residential and commercial revitalization program initiated by Historic Saint Paul. Through Restore Saint Paul, Historic Saint Paul provides incentive loans to assist in preserving and restoring the historic character of buildings in Saint Paul.
Am I eligible to receive a Restore Saint Paul loan?
Any property owner residing (or doing business) within the Restore Saint Paul target area (see below) is eligible to receive a loan. Any non-profit organization that is renovating a property within the target area is eligible as well.
Where is the Restore Saint Paul target area?
The geographic boundaries of the Restore Saint Paul Loan Program encompass the following target areas:
- The Dayton’s Bluff Neighborhood (Planning District 4)
- The Payne-Phalen Neighborhood (Planning District 5)
- The Thomas-Dale (Frogtown) Neighborhood (Planning District 7)
Is my property eligible to receive a Restore Saint Paul loan?
Any residential or commercial property that is located within the target area and is at least forty years old is eligible to receive a Restore Saint Paul loan.
How much can I borrow through the loan program?
Property owners can receive up to $10,000 through the Restore Saint Paul loan program. Additional funds may be approved for exceptional properties or projects. Property owners are expected to match the Restore Saint Paul loan funds on a dollar-for-dollar basis.
What are the terms of the loan?
Loans to property owners are made available at low interest rates (between 3 and 5 percent based on the applicant’s income). The re-payment term of the loan is typically 10 years or until the sale of the property.
What type of improvements are eligible for loan funds?
The loan must be used for improvements to the building façade that are visible from the street. All work must be consistent with the historic character of the property. Examples of eligible work on residential properties include siding, windows, doors and porches. Examples of allowable work on commercial properties include masonry repair, doors, entrances, awnings, lighting and signs. Examples of ineligible work include roof repairs, garages and decks.
Is technical or architectural assistance available?
Yes! Loan recipients will receive no-cost technical and architectural assistance. A Historic Saint Paul preservation consultant will work with property owners to ensure that the improvements are consistent with the historic character of the building.
How do I apply for a loan?
Download an application form and return it to Historic Saint Paul
