Preservation North Carolina's Endangered Properties Program has helped save nearly 600 historic places since 1977. Many of these properties would have been lost without PNC's involvement, and the organization's involvement has generated private investments of approximately $200 million.

The key to this program's success is its revolving fund. The premise behind the revolving fund is simple: PNC acquires endangered historic properties either through option, donation or outright purchase and then finds buyers willing and able to rehabilitate them. As a condition of sale, covenants are placed on the property to ensure its protection in the future.

For Preservation North Carolina to get involved with a property, it must be endangered, significant, buyable, and sellable.

A property is considered endangered if it is threatened with immediate demolition, seriously deteriorated or vacant, or likely to be subdivided or otherwise lose its historic integrity.

At a minimum, the property must be eligible for the National Register of Historic Places.

"Buyable" and "sellable" means the owner of a property is willing to sell or give the property to PNC, and the property must be marketable, in PNC's opinion.

Since the organization is accustomed to working with problem properties, its notion of marketability is often different from the traditional real estate market!

Having local volunteers to help with showing the property, keeping it presentable, and other similar tasks is also essential.

Preservation North Carolina has learned of its properties through its extensive network of local preservationists (including members, advisors and directors), the staff of the North Carolina State Historic Preservation Office and local preservation commissions.

Occasionally, Preservation North Carolina purchases properties outright. More often, PNC will obtain options on properties, since an option requires a much smaller capital investment than an outright purchase. An option gives PNC a specified length of time during which it can purchase the property. If a buyer is found during that period, then PNC purchases the property and resells it on the same day. PNC seldom rehabilitates properties before selling them, but it will sometimes do minimal stabilization work to secure the property until it is sold.

Preservation North Carolina also obtains properties through donation. Gifts of property, both historic and non-historic, are very important to PNC as a source of operating funds and much needed capital for its continued work. These gifts are not only beneficial for the continued work of this non-profit, but they also may provide the donor with a substantial tax deduction.

Due to the distressed nature of these properties, the organization rarely makes a "profit" on them unless a property has been donated. With these types of properties, if someone could have made a profit, they would have already done so. Recouping expenses is usually PNC's goal.

Financial incentives are available for purchasing and renovation of historic properties in North Carolina. Federal and State tax credits for both income-producing and owner-occupied properties provide an incentive to buyers of properties that need extensive renovation. Many banks now offer lending packages tailored to buildings in need of substantial renovation.

As to the future of the Endangered Properties Program, President Myrick Howard says: "This program is as important today as it was when it was started a quarter century ago. Every week we learn about more properties that need to be saved from destruction. It will be many years before this program is obsolete."