A bill to amend the National Historic Preservation Act of 1966, as amended, to provide grants and loans for persons who have buildings or structures registered in the National Register in order to preserve such historic properties, and for other purposes.

[AI summary unavailable — showing source text] Provides grants and loans to persons who have buildings registered in the National Register in order to preserve such historic properties. Provides that no loan or grant may be made for such purposes: (1) unless proper application is made; (2) unless the funds will be used only to rehabilitate a building for private occupancy; (3) unless the building is significant in American history, architecture, archeology, and culture. (4) unless the grantee or debtor agrees to include in the deed a restrictive covenant saying that the building cannot be altered or destroyed without the written approval of the Advisory Council on Historic Preservation; (5) for more than 50 percent of the cost; (6) unless all required reports are made; (7) unless the grantee assumes all continuing maintenance costs; (8) unless all other terms are complied with; (9) unless the grantee or debtor agrees that alteration or destruction of the property may be prevented by injucture relief. Requires that the person seeking the loan must show that comparable financing is not available from other sources. Provides that the loan be repaid in 30 years. Authorizes appropriations to carry out the provision of this Act.…