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.
Before You Apply
We encourage applicants to review the following before submitting an Expression of Interest:
✔ Owner-Occupied Only
The program is designed for owner-occupied residential properties (1 – 3 family properties). Mixed-use properties (ground floor commercial/residential above) will be considered on a case by case basis.
✔ Preservation-Focused Projects
Projects should protect or restore historic exterior features and support long-term building stability. Cosmetic-only improvements are generally not prioritized.
✔ Loan — Not a Grant
This is a lending program. Borrowers must demonstrate the ability to repay the loan.
✔ Limited Initial Funding
Early-phase capital will be limited. Submission of an Expression of Interest does not guarantee approval.
✔ Thoughtful Review Process
Projects must meet both historic and financial criteria before moving forward.
Not Sure If Your Project Qualifies?
We encourage you to submit an Expression of Interest if you believe your project aligns with the program goals. WHALE will review your submission and provide guidance on next steps.
The Open Door Loan Program is designed to be responsible, sustainable, and mission-driven — ensuring it can support homeowners not just today, but for years to come.
Loan Amounts: $10,000 – $50,000
Loan Term: 5–15 years
Interest Rate: Interest rates are tied to the Prime Rate and will vary based on loan terms and underwriting review.
Property Type: Owner-occupied 1–3 family homes (Mixed-use on a case by case basis).
Minimum Ownership: Applicants must have owned and occupied the property for at least 12 months prior to applying.
Minimum Credit Score: A minimum credit score is required. Applications are reviewed holistically, and limited exceptions may be considered.
Loan Security: Loans are secured by the property to ensure the long-term sustainability of the revolving fund.
Eligible Projects: Exterior preservation repairs, restoration, and energy efficiency upgrades.
Application Opens: Mid-April (Expression of Interest)
As additional capital and potential funding become available, the program may expand to increase accessibility.
This is a secured loan program. Funds must be repaid.
*Applications are reviewed holistically. Exceptions may be considered in certain cases.
Our Commitment to Responsible Lending
The Open-Door Loan Program is designed to support preservation while protecting homeowners from over-leveraging.
Each loan is carefully underwritten to ensure long-term financial stability for both the borrower and the revolving fund.