Revolving Fund for Historic Neighborhood Revitalization
NPF launched our Revolving Fund for Historic Neighborhood Revitalization beginning in January 2018. We’re currently in the early planning stages of these efforts and anticipate having a plan to share by the end of 2019.
The Revolving Fund for Historic Neighborhood Revitalization was created to address the vacancy, abandonment, and neglect that is abundant in some of our urban, historic neighborhoods. It will see a concentrated effort to rehabilitate derelict, vacant properties in targeted neighborhoods, beginning in Las Vegas. The goal is to restore and rehabilitate our community’s vacant historic housing stock, strengthening neighborhoods, property values, and the tax base in our historic communities.
What is a Revolving Fund?
A Revolving Fund is a real estate redevelopment tool that is used nationwide for community revitalization. It is a fund which is used to purchase and rehabilitate properties. These properties are then sold, proceeds from the sales go back into the fund, and the money is reinvested in what becomes a continuous cycle of property rehabilitation.
Learn more about Revolving Funds in this video produced by the National Trust for Historic Preservation and the 1772 Foundation, created by Savannah College of Art and Design.
NPF’s Revolving Fund will work to rehabilitate vacant, historic residential properties within Las Vegas’ older and historic neighborhoods. Once funding is secured, NPF will make strategic investments in clustered areas, revitalizing neighborhoods home by home, block by block. Currently, NPF plans to begin this work in the Historic Westside Las Vegas community.
What We’ve Done So Far
NPF is in the planning stages of getting the Revolving Fund set up. This includes conducting a feasibility study, developing a business plan, approving operating policies and procedures, and securing seed money to launch the fund.
To date, NPF has received two generous grants to assist us in completing these steps. NPF was awarded $24,000 from the 1772 Foundation to complete the feasibility study as well as $44,700 from the Las Vegas Centennial Commission to complete the business plan as well as to engage in early outreach with community stakeholders and residents. We anticipate completing both plans by the end of 2019.
Currently, NPF is actively applying for grants and seeking funds to start up the Revolving Fund. We anticipate purchasing and rehabilitating our first properties in early 2020.
For more information on the Revolving Fund or to get involved, please contact our director of neighborhood stabilization.