MHT Loans Available For Capital Projects

Franklin Hall, Chesapeake City, Cecil County
photo by Ron Francis

Did you know that the Maryland Historical Trust offers loans at a low interest rate for acquisition, refinancing, and rehabilitation of historic properties, as well as for certain predevelopment costs?  Nonprofits, local governments, business entities, and individuals are eligible to apply, but the project must have a strong public benefit in order to be a successful loan candidate.  To learn more about MHT’s Capital Loan program, please visit our website at: http://mht.maryland.gov/loans_mht.html

What should I know if I am considering applying?
 

G. Krug & Son Ironworks, Baltimore City
MHT staff with Joanne Shephard and Peter Krug
of Krug Iron Works

•  The assisted property must be listed on or eligible for listing on the Maryland Register of Historic Properties.
•  The project must be located within a Priority Funding Area.
• A perpetual preservation easement must be conveyed to MHT on any assisted property.  Exception: if the property is a contributing structure in a local historic district, is not individually eligible for the Maryland Register, and the loan is for exterior work only, an easement will not be required.
•  Business entities or individuals must demonstrate that they were turned down for funding by at least two private lenders due to the nature or condition of the property.
• All borrowers must demonstrate the ability to repay the loan.
• All project work must meet the Secretary of the Interior’s Standards and must be reviewed and approved by MHT.
• Loan processing takes approximately 9 months from submission of an approvable application to loan closing.
•  There is a $250 fee due at the time of application and an additional fee for loan processing which is due at closing.
• Loan applications are evaluated throughout the year on a first come, first served basis.

If you are interested in discussing a loan for your project, please contact Anne Raines, MHT Capital Grants and Loans Administrator, at araines@mdp.state.md.us or 410.514.7634.