The Government's Role

• State and federal agencies figure prominently in both types of preservation. They set standards and provide funds, incentives or resources for preservation activities. The U.S. Department of Housing and Urban Development, the agency that administers the Federal Housing Assistance program and Fannie Mae, the quasi-governmental financing corporation, establish maintenance standards for any "service,r" or mortgage lender, that has repossessed property. The standards apply to any state or federally-chartered bank. Many states also enact standards for lending institutions with state charters. Historic preservation is an elective responsibility of the homeowner or mortgagee. Historic preservation guidelines are determined by federal and state historic trusts, landmarks commissions and preservation officers.
  
  

Bank Foreclosures and REOs

• Properties that are bank foreclosures or owned by real estate firms marketing them for banks (called "REO" or real estate owned) must be maintained in order to maintain their value to potential owners as well a their values within a community of properties. In addition to customary repairs, some minor rehabilitation to plumbing and HVAC systems, repairs of roofs, windows and exteriors are required for preservation. Many of the costs of preservation for foreclosures and REO properties can be in part or majority-reimbursed by HUD. Such items as locks for doors, property inspections, screening, vehicle removal, yard maintenance and "winterization" are also covered expenses. Even such minor tasks as lawn mowing and debris removal are covered to specific extents. State governments may also set standards and provide funding for "Property Preservation and Protection." Costs may not be entirely recovered but funding is provided to assist servicers who, after all, still own any benefit that may come from the sale of the property. "P and P" standards exist to guide servicers in maintaining property in "satisfactory condition" and appearance, consistent with current building and zoning codes.
  
  

Historic Properties

• Owners of historic homes and other properties have fewer potential sources of monetary aid. On the other hand, their preservation task is an elective one beyond mere maintenance; its objective is to protect the "historic fabric" and improve the value of the property. Preservation planning identifies, evaluates, catalogs and recommends treatment for historic properties on a case-by-case basis. Each state has a department or officer known as the State Historic Preservation Officer (SHPO) whose job it is to assist property owners in this process. Other groups, from local preservation or landmarks commissions to the National Park Service, provide technical assistance, and many states as well as the federal government provide tax credits for qualifying preservation projects. The National Trust for Historic Preservation also provides information for everything from color schemes to weatherization plans and maintains the National Register of Historic Places. The National Trust also provides information on insurance services.