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  Incentives Program
 
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Facade Loan Program
Purpose:

To offer property owners an incentive to refurbish the facades of historical buildings to their original design. These funds are offered by the City of Paducah and are administered by Paducah Main Street, Inc.

 
Maximum Loan Size:
The maximum loan amount is $5,000 or 33.3% of the total cost of facade improvements (whichever is less). Funds are awarded on a matching basis, i.e. one (1) dollar in loan funds for every two (2) in cash dollars from private money.
 
Use of Funds:

Proceeds must be used for the renovation/ restoration of facade of historic property in the delineated historic zone. All construction work funded through the faGade loan program shall be in conformance with good preservation practices as represented in the Secretary of Interior's Standard for Historic Rehabilitation Projects and shall be reviewed and approved by the design committee of Paducah Main Street, Inc.

 
Permanent Finance Rate:
Funds will be loaned at a rate of 0% interest for a maximum of five (5) years.
 
Repayment Terms:
Funds are to be repaid monthly on a fixed schedule designed to retire the total debt (principal) over the term of the loan. The first payment will be due within sixty (60) days from initial disbursement.
 
Other Requirements:
Loans are limited to historic properties in the delineated loan district (see map).
 

Applicant must be a Paducah Main Street, Inc. member for the life of the loan. The contractor must be approved by the program's loan committee.

 

Paducah Main Street, Inc. must maintain a mortgage lien position on project being financed. Applicant must demonstrate proof of property insurance equal to assessed value of building and improvements and all estate taxes must be current.

 
For more information contact Paducah Main Street, Inc.
Ph: 270-444-8649 • Fax: 270-441-7263
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