News from the region
Landmark loans fuel preservation in North Manchester
We’ve all heard the old adage: “Neither a borrower nor a lender be.” But when it comes to preservation, we’re proud to prove that caution dead-wrong. By taking advantage of Indiana Landmarks Efroymson Family Endangered Places Loan Fund, the Historic Homes Preservation Group of the North Manchester Historical Society is transforming historic houses one property at a time.
The Historical Society recently closed on its fourth loan from Indiana Landmarks, using our funds to tackle troubled real estate most banks are reluctant finance. The group targets foreclosed and abandoned vintage houses, often returning properties that have been carved into multiple units back into single-family homes. The Historical Society completes a full rehabilitation, enabling prospective buyers to secure traditional mortgage financing and move right in – a model Indiana Landmarks has found successful. The North Manchester group’s previous projects have all sold to first-time homebuyers.
Indiana Landmarks Efroymson Family Endangered Places Loan Fund provides nonprofit borrowers with low interest funding that they supplement with their own funds and volunteer labor. Recently members of the North Manchester University Men’s Soccer team helped in the renovation at 404 West Second Street by removing siding that had covered the homes historic character.
The home will feature a large kitchen, breakfast room, two bedrooms, laundry room, all new electrical and plumbing systems, a detached garage, and plenty of historic charm. The home should be ready for sale later this spring. The preservation group already has an eye on its next target once the Second Street house is sold.
For more information contact Mary Chrastil, 260-982-0672 or 260-982-1813, firstname.lastname@example.org. To learn more about Indiana Landmarks Efroymson Family Endangered Places Loan Fund, contact Todd Zeiger, Director of our Northern Regional Office, 574-232-4534 or email@example.com.