Loan Program Projects

DPF loan funds may upon approval of the Preservation Fund Board be used for restoration, rehabilitation, repair, project development, and acquisition of eligible properties. Additions and alterations to meet building and fire codes may be eligible. Project development costs leading to the aforementioned outcomes may also be considered.

Exterior renovations and stabilization of interiors to meet building and fire code requirements receive highest priority. To ensure that a property's historic integrity is not harmed, projects must conform to the requirements in the Secretary of Interior's Standards for the Treatment of Historic Properties (click on this link to see a copy of the Standards).

Funds may NOT be used for landscaping, replacement of an existing building, new home construction, fencing, parking areas, refinancing projects already completed, incompatible materials, and inappropriate rehabilitation techniques or as otherwise determined by the Board to be an inappropriate use of the fund.

Eligibility:

Eligible properties are those within Delaware and listed on the National Register of Historic Places individually or as a contributing element in a National Register district; or determined to be eligible for listing on the National Register, as well as properties located in historic districts designated by a certified local ordinance. Properties having a significant impact on a listed or eligible property may be considered by the Board for loaned funds. Acquisition of land or easement on abutting or adjacent property to a historic or cultural resource may be permitted.

Funds are available regardless of applicant's race, age, religion, gender, origin, disability, or familial status.

Criteria:

DPF criteria for loan approval include, but are not limited to:

• Project compliance with DPF qualification criteria
  
• Architectural and historic significance
  
• Financial viability
  
• Likelihood of the project not being qualified for conventional funding
  
• Availability of other funding sources to compliment those of the DPF
  
• Demonstrated threat to the resource
  
• Geographical distribution of projects within the state
  
• Owner agreement to allow DPF to publicize the project, including the placement of signs
  
• Availability of DPF funds for loan
  

A borrower's credit history and ability to repay the loan are considered in loan approval. A borrower's debt to income ration may not exceed 45%.

Unless otherwise determined by the DPF Board, the total amount of loaned funds outstanding to one individual or project may not exceed 10% of the current restricted loan fund assets.

The term of a loan approved by the DPF may NOT exceed three years; loans may be amortized for a period not to exceed twenty years. Interest and principal are collected monthly with a balloon payment at the end of the term for loans amortized for a period greater than the term of the loan. Loans will generally have an interest rate of less than prime, as determined by the Board at the time of application. The prime rate will be the rate published in the Wilmington News Journal on the business day before the loan is settled.

The DPF reserves the right to assess interest points for certain loans.

If you are interested in applying for a loan please download the Low Interest Loan Inquiry Form

If you are an individual applying for a loan click on this link to download the Individual Loan Application

If you are an organization applying for a loan click on this link to download the Organization Loan Application