The Preservation Society of Charleston launched a new program designed to salvage and resell endangered homes, starting with the purchase of a dilapidated Charleston cottage in the city’s East Side.

The group kicked off its Charleston Venacular Revolving Fun program Tuesday at 227 Nassau St.. It is the first home the group purchased with plans to restore the dwelling and sell to a first-time homebuyer. The effort is part of the society’s “Seven to Save” list, an agenda unveiled last year that focuses on endangered sites.

“We felt this was a great place to start a new revolving fund for Charleston to work and actively engage in the community to address the issue of demolition by neglect,” said Evan Thompson, executive director. “Demolition by neglect is widespread on the peninsula.”

Built in the 1800s, the 800-square-foot cottage was purchased for $17,500, according to Charleston County property records. The home, at the corner of Harris Street, has been vacant for roughly a decade, officials said. The Preservation Society purchased the home and will restore it with the money from the fund, a purse that includes $30,000 in private contributions and a maximum $250,000 low-interest loan from the Charleston Housing Authority.

The group is hoping to use the program to save other dilapidated Charleston homes throughout the city.

ReachTyrone Richardson at 937-5550 and follow him on Twitter @tyrichardsonPC.