Open-Door Loan Program

Introducing: The Open-Door Revolving Loan Program

For years, one of the most common questions we’ve heard from homeowners is: “Is there money to restore my home?”

While historic tax credit programs exist for income-producing properties, owner-occupied historic homes often have limited options beyond personal savings or traditional bank financing. The Open-Door Loan Program is a new revolving loan fund designed to help fill that gap — providing responsible, preservation-aligned financing to support the stabilization and long-term stewardship of historic homes in New Bedford.

As loans are repaid, funds revolve to support additional homeowners over time — creating a sustainable preservation tool for our community.

The Open-Door Loan Program is an initiative of WHALE in partnership with Rockland Trust and the NBEDC. Through Rockland Trust, WHALE has a line of credit which we can access and loan out on our own terms to homeowners.

How It Works

The Open-Door Loan Program is designed to be clear and accessible at the front end, while ensuring responsible project review and underwriting before any loan is approved.

Step 1: Submit an Expression of Interest

Homeowners begin by completing a short online form. This initial step helps determine whether the property and proposed project meet basic eligibility criteria.

Step 2: Initial Eligibility Review

WHALE reviews the submission to confirm that the property meets historic criteria and that the proposed work aligns with the program’s preservation goals.

Step 3: Site Visit

If the project appears to be a good fit, we will schedule a site visit to better understand the scope of work and the condition of the property.

Step 4: Internal Review

We evaluate both preservation alignment and overall feasibility before inviting a full loan application.

Step 5: Formal Loan Application & Underwriting

Applicants invited to move forward will complete a formal loan application and provide financial documentation for underwriting review.

Step 6: Loan Approval & Closing

If approved, loan documents are executed and project work may proceed.

Step 7: Repayment & Revolving Impact

As loans are repaid, funds return to the program to support additional homeowners — strengthening preservation efforts over time.

A Thoughtful and Sustainable Approach

The Open-Door Loan Program balances WHALE’s mission and responsible lending, ensuring that homeowners can be supported in work that keeps their historic property in good repair while protecting the long-term sustainability of the fund.