Saturday, August 16, 2008

New Orleans' Investors Wanted for Historic Houses

The nonprofit Preservation Resource Center in New Orleans is looking for civic-minded investors to adopt historic homes and preserve them.

Launched July 1, the program is for now targeting 13 blighted homes and 10 parcels where new homes can be built, using traditional New Orleans architectural styles.

The program asks investors to commit between $10,000 and $140,000 for a period of 18 months. At the end of that time – when the work has been completed and the property has been sold – the investors can either redeem their investment or roll it over into the restoration or building of another property.

The program "is ideal for a corporation, foundation or even a family to get involved in the rebuilding process of New Orleans," says Pamela Bryan, director of the PRC's Operation Comeback.

Source: The Times-Picayune (08/05/08)

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