Revolving Fund

The Revolving Fund is both a program and an account of cash, whose joint purpose is to acquire historically significant properties that require new ownership to preserve and rehabilitate them.

The Revolving Fund works with buildings at least 50 years old that retain much of their significant features. Many prospective properties are not well suited for the conventional real estate market and focusing their sale through the Revolving Fund helps match these unique properties with a pool of potential owners who are looking for historically significant properties to rehabilitate.

The program seeks to acquire property, generally through a long-term option-to-purchase agreement donated or at a nominal fee that is executed at the time of closing with a new purchaser. The option price is based on market rate, though properties can be offered to Maine Preservation at a discount or can be donated.  Upon resale, the proceeds are put back or “revolved” into the Fund to be used on additional properties.

Preservation easements on revolved properties are retained by Maine Preservation to help guide their rehabilitation and ensure their preservation in perpetuity. The easement properties are inspected at least annually and any proposed changes are reviewed. To cover these and any legal expenses a one-time easement fee is necessary.

The Revolving Fund allows Maine Preservation to directly enter into real estate transactions and to partner with homeowners, commercial property owners, historical societies, land trusts, environmental and agricultural organizations and municipalities to help save buildings.  Maine Preservation can also work with estates and families that have owned or inherited a treasured resource through multiple generations and wish to sell the historic property.

For questions and inquiries please contact Maine Preservation at (207) 847-3577.