BRI makes low-interest loans to help save endangered historic buildings and encourage the preservation of old neighborhoods. The loans are often for exterior restoration only. This allows us to maximize the visual results our projects have on their neighborhoods. Loan amounts recently have varied from $10,000 to $40,000. We especially seek buildings that: 1) Are eligible for listing in the National Register of Historic Places; 2) Are likely to be demolished or are at risk of losing elements that make the building historically significant; and 3) Have the potential, once restored, to encourage additional preservation efforts in its neighborhood. All borrowers must allow BRI to place historic covenants (deed restrictions) on their property to protect it in perpetuity. The loan is for up to two years. No payments, whether to interest or principal, are due until the end of the two-year term, although payments may be made on the principal at any time during the term of the loan. The entire about borrowed plus interest is due in a lump sum at the end of the two years. Interest rates depend upon the type of borrower and the use of the property. For individuals or not-for-profit corporations rehabilitating property for residential owner-occupancy, the interest rate is zero percent for the first six months, four percent per annum for the next six months, and for the last 12 months the rate is the commercial prime interest rate as reported in the Wall Street Journal. For all other types of borrowers and uses, the interest rate is four percent per annum for the first six months; commercial prime as reported in the Wall Street Journal for the next six months, and commercial prime plus three points for the last 12 months. The Historic Landmarks Foundation of Indiana is an important part of our loan program, providing almost half of the funds we loan. For a typical loan of $20,000, half is funded with BRI money and half with HLFI funds. For more information on our loan program, contact Steve Wyatt, BRI's executive director, at 336-0909.