HCF's Revolving Fund, the first of its kind in the nation, was established to protect Charleston's historically and architecturally significant neighborhoods, and has since saved nearly 100 structures and has been emulated across the nation.
In April 1947, Historic Charleston Foundation was formally incorporated as a non-profit educational institution chartered "to preserve and protect buildings of historical or architectural interest and their surroundings in and about the City of Charleston." Realizing that the costs of maintaining historic properties were frequently a reason for their neglect or sale, early recommendations included the establishment of a "long-term revolving fund" that would help preserve older homes all over Charleston, not just in the areas south of Broad Street. This idea evolved into the Ansonborough Rehabilitation Project which was successfully implemented by the Foundation in the late 1950s and 1960s.
This approach has several advantages:
HCF's Revolving Fund has been a significant force for historic preservation in both Charleston and the surrounding Lowcountry. Important properties such as the Mulberry Plantation were saved with the Revolving Fund. HCF continues to follow this approach today through the Edmunds Endangered Properties Fund, named in honor of our first Executive Director, Frances R. Edmunds.
The Foundation has long been concerned with displacement and gentrification. In the 1970s, HCF focused on historic preservation and home ownership without displacement in the neighborhoods of Wraggborough and Radcliffeborough. The purchase of 6 Judith St in 1972 marked the "first effort to move into a marginal neighborhood with the express purpose of renovating for low-income tenants" and, with its original interior intact, 6 Judith St needed considerable work to bring it up to code. By 1985, the Foundation had purchased, rehabilitated and sold four Wraggborough properties, applying the time-tested concept of its revolving fund successfully. While also maintaining affordability and focusing on helping neighborhood residents remain in their neighborhood. We continue to focus on preserving neighborhood character with initiatives such as the Romney Urban Garden and the Common Cause Loan Fund.
Following the original model of saving at risk properties, The Edmunds Endangered Properties Fund continues to purchase at-risk historic properties of architectural or cultural importance. for resale to preservation-minded buyers with restrictive covenants.
In 2024, Historic Charleston Foundation was proud to complete the stabilization its most recent Revolving Fund property: 80 Ashley Avenue. The former Century Service Station, the historic brick structure has completed stabilization work and is now waiting for its perfect, preservation-minded buyer.
To learn more about how to purchase 80 Ashley Avenue, visit this listing. To learn more about the history and work behind 80 Ashley Avenue, visit our blog.
