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WHEELING -- Friends of Wheeling has been guaranteeing loans in recent months to assist with the restoration of local buildings, and some people are even moving to the area to take advantage of the program.
Jeanne Finstein, president of Friends of Wheeling, addressed Wheeling Rotary members at their meeting Wednesday. She updated members on the results of the Friends of Wheeling Preservation Loan Guarantee Fund.
The fund was established in 2015 after the group sold a property it had purchased and renovated on 14th Street across from Good Mansion Wines.
The transaction generated an initial $40,000. Local foundations, individual donors and investment income helped grow that amount to more than $500,000 over time, Finstein told Rotary members.
"We thought, 'What are we going to do with that? Are we going to do another building? No, we're too old for that,'" Finstein said. "We thought about guaranteeing loans for people who need to borrow money from the bank to do their own projects.
"This seemed to appeal to our donors, our members and various foundations."
The money has been used in recent months to back bank loans for restoration projects with interest rates as low as 2.79%, Finstein explained. Banks are willing to provide the loans at lower rates because Friends of Wheeling agrees to cover the loan if a borrower defaults.
Friends of Wheeling will guarantee loans of up to $30,000 for five years.
"We have to approve the work the people are going to do," Finstein said. "We are not going to approve work that wouldn't be appropriate to an historic building."
One of the first projects was at 7 Hamilton Ave., which had been largely neglected for years, Finstein said. An elderly man lived there, and his niece, a teacher, and her husband, a contractor, who lived in Philadelphia, would often visit to complete necessary repairs.
They had maxed out their credit cards replacing the home’s roof before learning about the guaranteed loan program from Friends of Wheeling. The loan helped them save $600 per month on payments.
After the uncle died, they requested a second loan to help renovate the home’s interior. They recently moved into the Wheeling home.
"This is a real success story for Wheeling preservation," Finstein said.
Finstein said about 24 people have moved to Wheeling and become residents as a result of the Preservation Loan Guarantee Fund.
In total, 31 loans have been guaranteed, with 12 still active, Finstein said. There has been one default, and three proposals are pending.
Friends of Wheeling also guaranteed a loan for construction on the front facade of Sarah's on Main, located at 2122 Main St. Another project involved repairing the back stairs at Later Gator, located at 2145 Market St.
Other loans were guaranteed for work at 653 Main St., 514 Main St., 719 Market St., 635 Main St., 1069 Main St., 2236 Eoff St., 2609 Eoff St., 1069 Eoff St., 829 Market St. and 106 14th St.
Friends of Wheeling also will begin a second program to assist people wanting to restore and preserve older buildings.
A preservation grant is being established in honor of Betty "Snookie" Woods Nutting, who died earlier this year. Funding for the program was provided by the Nutting family.
Because the grant is an award and not a loan, recipients will not have to repay the money.
"We want people to know how important it is to not just tear down buildings," Finstein said. "We can refurbish many properties and still keep the historic character of Wheeling."