We can help pay for your restoration project Arlington Preservation Fund Arlington, Massachusetts


The Arlington Preservation Fund, Inc.

A non-profit corporation administered by citizens benefiting Arlington's architectural heritage

Victorian House

The Fund

The Arlington Preservation Fund, Inc. is a non-profit corporation whose principal purpose is to make low interest loans to owners of historically significant structures in the town of Arlington, MA. Through these favorable loans, the Fund encourages the retention or restoration of appropriate exterior architectural details during both residential and commercial building projects. This revolving fund was initiated through the Federal Community Development Block Grant program and is now administered by a volunteer board of nine citizens appointed by the Board of Selectmen.

The Loan

Approved loans are typically for the repair or restoration, not maintenance, of items which are most essential to the architectural character of the building such as duplication of deteriorated columns, repairing slate roofs, or replacing synthetic siding with wood clapboards or shingles. Loans may be for as long as ten years, but we also give loans on a three-year and five-year amortizations, with the latter being the most typical. On occasion, we may approve a large, short-term loan, for example, where a developer acquires and restores an old house, and then re-sells. Monthly amortization of principal and interest is based on one-half of the prime rate as of January 1 of the year of the loan.

Loans of $7,500 or less do not require a mortgage; however, a preservation restriction is required on the areas of work for twice the length of the loan unless the property is located in one of Arlington's Historic Districts. No attorney's fees, points, credit report fees, or appraisal fees are charged, but you are required to pay for recording fees at the Registry ($75 for restriction, $175 for mortgage) and a loan processing fee of 1/2 of 1% of the loan or $50, whichever is more, to defray administrative expenses.

Eligible Recipients

Primarily, our activities involve buildings in the Town's Historic Districts, the area cataloged in any of the Historical Commission's surveys, the National Register Multiple Resource Listing, or which are otherwise deemed significant by the Board. Federal law prohibits us from making loans for buildings owned by religious organizations.

The Process

At the Fund's meetings, all preliminary applications are reviewed, and those that are approved are forwarded to the Board of Selectmen for review. After approval, Massachusetts law requires that a final application be signed and returned to us prior to closing and issuance of your check. The overall process is fairly simple and averages about 2 months' time for completion.

Contact Us

We urge anyone interested to contact the Fund with any questions and to request an application. The Fund does not discriminate on the basis of race, sex, color, creed, ethnic origin, marital status, or age. We can give limited advice on some aspects of the restoration; however we do not typically provide architectural design services.

Email

Send Email Inquiries to: Cloaking

Mail

Send regular mail inquiries to:

Charlene Lemnios
Executive Secretary
Arlington Preservation Fund, Inc.
Post Office Box 493
Arlington, MA 02476

Phone

Phone inquires: 781-646-9105