Our purpose in preservation is to not only save buildings, but to improve communities by improving the quality of life.
Historic preservation is one of the most effective ways of revitalizing urban centers, neighborhoods and towns. From Downtown Pittsburgh to East Liberty, from Manchester to the South Side, historic buildings create a unique sense of place that attracts new residents and businesses, building community pride, and improving the quality of life.
To that end, the Pittsburgh History & Landmarks Foundation established a revolving Preservation Loan Fund in 1966 with a $100,000 grant from the Sarah Scaife Foundation. That loan fund initially served as an internal revolving fund for PHLF’s development projects in Pittsburgh’s Mexican War Street and Manchester neighborhoods, as well as the South Side. In 1985, PHLF began lending to other non-profits and community development corporations.
The fund was one of the first such funds for a preservation group in the country to support its development efforts. Since then we have seen historic preservation take hold in communities that were in great transition, and are now moving towards the path of economic stability, prosperity and sustainability.
Since then PHLF made more than 105 loans in communities all through southwestern Pennsylvania with loan amounts ranging from as low as $10,000 to as high as $1 million. For nearly 25 years, the loan fund, which was originally funded by grants from Pittsburgh philanthropist Dick Scaife, operated only with proceeds from loan disbursements.
In 2007, PHLF created the Landmarks Community Capital Corporation, a non- profit-lending subsidiary, which houses PHLF’s original preservation loan fund. Its mission is to enhance and foster historic preservation by lending to projects that facilitate restoration activities for historic buildings and historic neighborhoods throughout the region including Western Pennsylvania, Eastern Ohio, and West Virginia.
In 2008, LCC received a $5 million dollar low interest loan from PNC Bank, which allowed LCC to assist in larger development projects than ever before.
LCC’s default rates are extraordinarily low, at 1%. This is due to the high level of technical assistance and local knowledge of community efforts and initiatives, in addition to a deep understanding the local real estate market.
We believe that preservation projects large and small make a tremendous impact in our communities. To find out how LCC can assist you with your historic preservation project please contact us or apply now through our online procedures.