06 Nov HBI Receives PRI from the 1772 Foundation
HBI is honored to be the recipient of a program-related investment (PRI) from the 1772 Foundation of Rhode Island that will be used to support pre-development work on HBI projects. The 1772 Foundation will give HBI a $400,000 low-interest loan at a fixed rate of 2% for a five-year term.
“PRI’s are a valuable tool for challenging historic preservation projects,” said Mary Anthony, Executive Director of the 1772 Foundation. “These may be a new giving vehicle for foundations like ours, but HBI’s development track record and experience in managing debt gave us the confidence to make this investment in the organization.”
PRI-s – Program Related Investments — are a vehicle through which charitable foundations make flexible loans to public charities in order to expand the foundation’s impact, and help non-profits heighten their effectiveness. Though loans, PRI’s are typically drawn from a foundation’s principal and count toward the annual giving requirements of foundations.
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| Calf Pasture Pumping Station |
“We are thankful to the 1772 Foundation for the amount and flexibility of this loan” said HBI’s Executive Director Kathy Kottaridis. “With these funds we can engage in the early costs of preservation projects quickly and more efficiently with the expectation that the loan has a planned source of repayment.”
HBI is also pleased to report that it received an additional $50,000 grant from the 1772 Foundation to support redevelopment of the Fowler Clark Epstein Farm, a project that meets the foundation’s two primary areas of interest: preservation and sustainable food systems.
The 1772 Foundation’s mission is to provide safe passage of historic buildings and farmland to future generations. The Foundation was named in honor of its first restoration project, Liberty Hall in Union, NJ, which was built in 1772 and is the ancestral home of the Livingston and Kean families. The late Stewart B. Kean was the original benefactor of The 1772 Foundation.
For more information, contact Kathy Kottaridis at kathy@historicboston.org