What is the Revolving Fund?
Historic Salisbury Foundation has been working diligently in our beloved city and county to save historic properties for over 50 years. In that time, we have saved over 110 properties and we continue to work every day to preserve the historic integrity of the homes, buildings and neighborhoods in and around Salisbury. The Revolving Fund is the mechanism we use in order to fulfill this mission.
Pictured: Before and after photos of the Peter Kern House
The 3 ways properties become a part of the Revolving Fund:
Stabilization
Historic Salisbury Foundation will purchase (or receive by donation) a home that is historically or architecturally significant and stabilize it (foundation work, termite and water damage repair, new roof, exterior paint, etc.). Once the stabilization work is complete, HSF will sell the property to someone who agrees to follow a timeline to complete the remaining rehabilitation work. At the time of the sale, covenants are placed on the property with the deed that will forever run with the house. If any profit is made on the house, it is put back into the Revolving Fund account to pay for future stabilization projects.
Option to Purchase
A homeowner can give HSF the right to purchase a property for a specified period of time at a set price. In most cases, HSF would market the property higher than the set price to recoup any expenses and put money into the Revolving Fund. If Historic Salisbury Foundation finds a buyer during the time period, HSF would purchase the property and then sell it with covenants to the buyer on the same day.
Donated Easements
A homeowner can donate easements to forever protect their property. A staff or board member would come look at the property to determine architecturally significant features and have a preservation agreement drafted and filed. The individual wishing to donate the easement is responsible for all legal costs.
Properties in the Revolving Fund are inspected annually, and it is the responsibility of the homeowner to provide continual maintenance in order to ensure the preservation of the property.
Check to see if your home is protected by Historic Salisbury Foundation covenants!
Pictured: Before and after photos of the McCubbins-McCanless House
Revolving Fund Homeowners
If you own a Revolving Fund property, this means your home or business is special. Historic covenants are not placed on just any house. We hope you take that seriously and will aid in the preservation of our city by continuing to care for your property.
Please take the time to read over your covenants to understand the requirements specific to your home. Our covenants have changed over the years and there are different restrictions for properties we acquired at different times. Click through the FAQs below to help you better understand Historic Salisbury Foundation's role in preserving your property!