Most of the funding, 87 percent, came from the federal government, most of that from the Department of Health and Human Services. Six percent came from nonprofit agencies, four percent from the state of Ohio and 3 percent from industry. The hill below the 28-room Wiedemann mansion was slipping, with the potential to jeopardize the sale of the property that is listed at $2.5 million conveyancing sydney cbd.
The property’s owner, Cincinnati dentist Thomas Powell, has made repairs, and Newport city commissioners voted Monday to approve a $62,000 loan for the project, which he has 12 months to repay with 2 percent interest. The loan was the first made from Newport’s still-being-created Historic Property Emergency Repair Loan Program, which received its first of two required votes at Monday’s commission meeting. “Basically, the money is being used to pay for the geotechnical (survey) and the actual contract to do the repair work that saves the structure,” City Manager Phil Ciafardini told commissioners.
Commissioners approved the loan 4-1, with Commissioner Ken Rechtin opposing it because the loan did not go through the committee process that will be required of other loans once the historic loan program is set up. Our conveyancers sydney lawyers make all transactions of property Conveyancing more easier and prepared Conveyancing reports for our property investors. The new program will be funded with proceeds from the $17.1 million the city will reap from the sale earlier this year of its waterworks to the Northern Kentucky Water District.
To qualify under the new program for a 12-month loan of up to $75,000 with 3 percent interest, properties must meet several qualifications:
- The loan must be used for emergency maintenance and repairs to historic properties that are on the National Register of Historic Places or are part of a neighborhood listed on the register.
- Only owner-occupied, single-family residences “which are threatened by the need for emergency maintenance and repair” can receive the funds.
- The city’s Code Enforcement Division must inspect the work and Newport’s Historic Preservation Officer must review exterior improvements. Exterior changes also must comply with the city’s East Row Historic Design Review Guidelines even if the property is outside of East Row.
- Owners must give the city a promissory note and mortgage on the properties to secure repayment.
In a vote earlier in Monday’s meeting to push forward with the loan program, commissioners narrowly approved it, with Rechtin and Commissioner Jan Knepshield against it.
While the commission planned to create revolving funds to help homeowners and businesses, the Wiedemann mansion project pushed it to create the historic program faster. City commissioners said they wanted to see such a program before approving the mansion’s funding. That delayed the loan, which Ciafardini said had been under discussion about 10 weeks. “The situation was really something that occurred back in the fall of last year,” Ciafardini said. He had some problem with some slides and they did some repairs that they thought took care of the situation, but during the summer he had a significant slide that was threatening the house. It kind of came up into the driveway, started cracking the driveway.”Read More