- SCAD Measures Revolving Fund Impacts
From a historic mill and adjacent mill workers village in North Carolina to a historic hotel in Indiana to a sacred building in New York—revolving funds have created affordable housing, revived downtowns, preserved heritage, and contributed to a sense of place. These potent funding programs were recently the focus of a collaborative research effort that authenticates their power and advocates for their continue support. This research was supported by the 1772 Foundation and the National Trust for Historic Preservation.
The Revolving Fund Impact Report by Savannah College of Art and Design (SCAD) and its Historic Preservation department is the result of a year-long study of 20 of the nation’s revolving funds. Here, SCAD graduate students studying historic preservation analyzed the scope and methodology of these funds to find that their impact reaches beyond preservation to economic revitalization.
The results were impressive. Statistics gathered from the 20 funds studied, showed that since these funds began nearly 5 million square feet of usable space has been saved and reactivated—gen-erating more than $3 million in property tax revenue. The report confirms the revolving fund as an effective preservation tool but also validates it as replicable, community revitalization strategy.
The SCAD economic impact report also served as the basis for a documentary on revolving funds to premiere this November at PastForward, the National Preservation Conference in Savannah, Georgia.
To download a copy of the Revolving Fund Impact Report click here.
To see “The Revolving Fund” produced by SCAD, click here.
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