July 20, 2024
Loans

How a new loan program will help preserve historic homes


Simplified: The city announced this week a new pilot program to offer zero-interest loans to rehabilitate homes in Sioux Falls’ historic districts. Here’s what you need to know.

Why it matters

  • The new Historic Preservation Loan Program is an effort to help preserve homes in Sioux Falls’ five historic districts: All Saints, Cathedral, Hayes, McKennan Park, and Sherman. The loans can also be used to fund projects for any property listed on the National Register of Historic Places.
  • As a pilot program, the city has allocated $100,000 for at least four different projects at a maximum of $25,000 each.
  • The loan will only cover work on the outside of the historic homes – windows, doors, roofing, masonry, siding, trim, etc. Only single-family, owner-occupied homes qualify for the program.

“We believe this opportunity supports homeowners to make necessary repairs and helps maintain safe, accessible housing in the community,” said Diane deKoeyer, the city’s neighborhood and preservation planner. “Oftentimes investments in homes brings energy to an entire neighborhood—everyone benefits.”

Tell me more about the loan program

Applications are due Feb. 9, and there’ll be stages to the application process, which will be overseen by the city’s Board of Historic Preservation.

The loan is a pilot program for this year, and the city plans to evaluate how it goes this year to decide if they’ll keep it going in the future.

  • If they do keep it going, the plan would be to open applications for the loans once per year.

Not sure if you qualify? See if your home falls in a historic district here.

What happens next?

The city is hosting an informational session from 5:30 to 6:30 p.m. on Jan. 22 at the downtown library.

Find more details on how to apply here.



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