Historic preservation and revitalization efforts undertaken in lower-income, working-class communities often have negative consequences, including displacement and gentrification. Too often, sense of place and community spirit are sacrificed in an effort to save important historic buildings. As both sense of place and historic fabric are important, it is necessary for preservationists, planners, community members, and others to analyze the current condition under which preservation and revitalization take place, and begin looking at alternatives. Through analysis of case studies that focus on mill villages, three different approaches to preservation and revitalization are considered. Each case study offers valuable information for other communities facing similar dilemmas. Analysis of the funding programs utilized for each community project is undertaken in an attempt to understand how community preservation can take place without the displacement that so often accompanies it. Alternatives are discussed, both generally, and in relation to the Newry mill village, in Oconee County, South Carolina.