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Revolving Fund

The Preservation Greensboro Development Fund (PGDF) was established in 1989 through grants from several community foundations. The Fund is a revolving fund, a pool of capital created and reserved for historic preservation activities - with the condition that the money will be returned to the fund to be reused for similar activities in the future.

PGDF pursues property acquisitions and partnerships that leverage financial, developmental, and strategies to foster an enhanced environment by preserving and rehabilitating our community's historic and architectural treasures.

Easements

The Preservation Greensboro Development Fund will consider accepting preservation easements for buildings of historic or architectural significance.  This includes buildings listed, or eligible for listing on the National Register of Historic Places, or that has been certified as historic by a Greensboro, Guilford County, or PGI.  All easements must be approved by the Revolving Fund board. The exact terms of a preservation easement, as well as the extent to which those terms limit alteration of an historic building or protected land will vary depending on the donor's wishes. 

Easements include:

• Facade Easement: Allows control of future alterations to the exterior of historic buildings.

• Development Rights Easement : Limits or prohibits additions to the historic building, including construction of additional stories on or additions.

• Open Space Easement: limits or prevents the construction of new buildings on protected land.

Community Redevelopment

In the past, the Preservation Greensboro Development Fund has assisted in the restoration of the Bumpass-Troy House in the College Hill neighborhood, assisted with reconstruction of the McCulloch House in the Southside neighborhood, the preservation of the D. P. Foust House in Whitsett (right), and partially financed an in-depth study of neighborhood development in the Aycock neighborhood.

When property owners donate historic properties or sites to Preservation Greensboro Development Fund, they can claim a charitable deduction on Federal income tax. In most cases an easement donor may deduct the value of the property, for up to thirty-percent of the taxpayer's adjusted gross income, from Federal taxes. Excess value may be carried forward up to five years. The value of the property is based on the fair market value of the property. For further guidance on determining the value of a property a professional appraiser should be consulted.

The Fund is pleased to consider partnerships and encourages new funding sources. If you would like to be involved with the Preservation Greensboro Development Fund, please contact the PGI office at 336-272-5003, or email Benjamin Briggs, Executive Director of Preservation Greensboro, Inc.

Board of Directors 2008

Updated 18 February 2008