Ways To Get Funding For Remodeling A Historic House?

Financing a historic home restoration project can be challenging, especially if you don’t qualify for grants or prefer traditional financing methods. There are various options available, including grants, loans, tax incentives, and crowdfunding. These financing options can help you secure the necessary funds for your restoration project.

To finance a historic home restoration project, it is essential to research the different types of funding available, such as federal grants, bank loans, and tax credits. It is crucial to collect supplemental information for your mortgage and anticipate extra fees, just as you would with a new house. Additionally, consider the location of your home and the type and extent of improvements that this funding covers.

Federal grants, such as the FHA 203(k) Loan, Fannie Mae HomeStyle Loan, and VA Renovation Loan, can make the renovation process more affordable. If a home requires more than $35,000 in repairs, you will need to apply for a regular 203(k) mortgage through the FHA. To apply for one of these grants, you typically need to apply for funding with your state historic preservation office or the National Trust Preservation Fund.

In Connecticut, there are three ways to fund preservation of your historic home preservation: crowdfunding preservation funding, small, personal financing, and local governments and preservation societies offering grants and financial incentives. By researching your home, researching the types of funding available, and considering the location, you can find the right financing options to help you achieve your restoration goals.