New fund to support affordable housing

August 29, 2008

A new loan pool, funded with $5 million, has been launched to help develop affordable housing across the U.S.

The goal of the National Trust Loan Fund, a nonprofit subsidiary of the National Trust for Historic Preservation, is to create sustainable, livable communities through historic preservation.

Loans of up to $500,000 will be made to community development corporations or nonprofits to buy and renovate designated historic structures.

The fund, made possible by a $1.3 million grant from the John S. and James L. Knight Foundation, will focus on communities where the Knight brothers owned newspapers, as well as in Gulfport, Miss., and Pontiac, Mich.

The National Trust for Historic Development triggers economic development and promotes environmental sustainability in underprivileged neighborhoods.

Applications for loans are due Sept. 30. Visit the National Trust Loan Fund website for information.

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