|What is a revolving fund program? The inspiration behind a revolving fund program is very simple; a pool of capital is created for the sole purpose of saving endangered historically and architecturally significant properties from demolition or neglect. Once the endangered structure has been acquired it is sold to a sympathetic owner who undertakes its restoration. The money from the sale is put back into the revolving fund and used over and over to buy more endangered historic properties.
Virginia is the home to much of the oldest and finest architecture in America, but many historic properties are rapidly disappearing. As they vanish, we're losing an important part of our heritage.
Preservation Virginia, the oldest statewide historic preservation organization in the nation, has worked for over 100 years to save threatened historic homes and buildings in Virginia that might otherwise have been destroyed.
Prior to 1999, Preservation Virginia purchased and sold buildings to save them from demolition or neglect but did not have a separately staffed revolving fund program. In 1999, the Commonwealth of Virginia's Historic Resources Historic Properties Revolving Fund Program was transferred to Preservation Virginia. This state financed trust fund was established in 1989 by the Virginia General Assembly and is valued at approximately $1.5 million in cash, investments and properties.
Preservation Virginia, a private non-profit organization and statewide historic preservation leader founded in 1889, is dedicated to perpetuating and revitalizing Virginia's cultural, architectural and historic heritage thereby ensuring that historic places are integral parts of the lives of present and future generations. Our mission is directly consistent with and supportive of Article XI of the Constitution of Virginia, benefiting both the Commonwealth and the nation. Preservation Virginia provides leadership, experience, influence, and services to the public and special audiences by saving, managing, and protecting historic places, and developing preservation policy, programs, and strategies with individuals, organizations, and local, state, and national partners.