How does Preservation Virginias Revolving Fund Program acquire properties?
Through the Revolving Fund Program, Preservation Virginia helps protect and preserve publicly significant historic properties by using options to purchase, direct acquisition, or deed of gift to acquire threatened or endangered properties. Options to Purchase: Preservation Virginia may obtain an option to allow time to find an appropriate buyer. When a buyer who agrees to protect the historical value of the property is located, Preservation Virginia will exercise its option and sell the property. Donation/Deed of Gift: A deed of gift ensures that the property will be preserved, and the owner is eligible for tax deductions. It also provides capital to allow other properties to be saved through the fund. Bargain Sale: If a property is sold for less than the appraised fair market value, the owner may be eligible for tax deductions. The property can be preserved through easements and covenants, and the bargain sale will provide more funds that can be used to save other properties. Direct A
