§ 13-7-505. Loan program — Duties of program
(a) The Arkansas Historic Preservation Program shall make direct loans or loan subsidies upon such terms and conditions as it deems appropriate to owners of registered cultural properties for the restoration, rehabilitation, or repair of those properties in accordance with this subchapter. (b) The program shall adopt rules to govern the application procedure and requirements […]
§ 13-7-506. Loans — Criteria
(a) Loans or loan subsidies from the Historic Preservation Revolving Loan Fund shall be made only to property owners who: (1) Agree to repay the loan and to maintain the registered cultural property as restored, rehabilitated, or repaired for a specified period, but in no case less than seven (7) years; (2) Agree to maintain […]
§ 13-7-507. Donation or sale of property — Disposition of proceeds
(a) The Arkansas Historic Preservation Program may accept any property donated to it and may donate property or sell property to any person or entity and upon such terms as it deems in the best interest of the state. (b) The program may deposit the proceeds from the sale of property into a financial institution […]
§ 13-7-501. Title
This subchapter may be cited as the Historic Preservation Loan Act.
§ 13-7-502. Purpose
The purpose of this subchapter is to provide owners of registered cultural properties in Arkansas with low-cost financial assistance in the restoration, rehabilitation, and repair of properties listed in the State Register of Historic Places or National Register of Historic Places, which are a part of the state’s heritage and which contribute substantially to the […]
§ 13-7-503. Definitions
As used in this subchapter: (1) “Fund” means the Historic Preservation Revolving Loan Fund; (2) “Program” means the Arkansas Historic Preservation Program created by § 13-7-101 et seq.; (3) “Property owner” means the sole owner, joint owner, owner in partnership, or corporate owner of a registered cultural property, and includes the owner of a leasehold […]
§ 13-7-504. Fund created — Administration
(a) There is created on the books of the Treasurer of State, Auditor of State, and Chief Fiscal Officer of the State, a revolving loan fund which shall be known as the “Historic Preservation Revolving Loan Fund”. The Arkansas Historic Preservation Program shall administer the Historic Preservation Revolving Loan Fund and may make loans from […]