ECD: Loans for Downtown Redevelopment
Are low interest Loans available to assist revitalization efforts in Downtown Macon?
Yes. The Georgia Department of Community Affairs has three loan programs designed specifically to assist Cities and developers to revitalize buildings in the downtown areas. The loans are:
- The Downtown Development Revolving Loan Fund
- Georgia Cities Foundation Revolving Loan Fund
- Georgia Cities Foundation Green Communities Fund
DCA Downtown Development Revolving Loan (DDRLF)
The purpose of the Downtown Development Revolving Loan Fund (DD RLF) is to assist cities, counties and development authorities in their efforts to revitalize and enhance downtown areas by providing below-market rate financing to fund capital projects in core historic downtown areas and adjacent historic neighborhoods where DD RLF will spur commercial redevelopment. reached at:
Georgia Cities Foundation Revolving Loan Fund
Applications are evaluated based on leadership, accountability, long-term sustainability, and potential for private investment. Projects should encourage spin-off development, add jobs, promote downtown housing, or add to the cultural enrichment of the community. Each application must also undergo credit underwriting. Eligible Projects include real estate acquisition, building rehabilitation, new construction, green space and parks. Ineligible uses of funds are operating expenses and administration, local revolving loan funds, public infrastructure projects, streetscapes, and facade projects.
More info at: http://www.georgiacitiesfoundation.org/LoanFund.aspx
Georgia Cities Foundation Green Communities Fund
Made possible through a grant from the Georgia Environmental Facilities Authority (GEFA), the Green Communities Fund will provide low interest financing to business and/or property owners for energy efficient and sustainable improvements to their downtown commercial properties. As with the Foundation’s downtown loan program, the Green Communities Fund program will target downtown buildings. These low interest loans will range in loan size from $10,000 to $250,000.
More info at: http://www.georgiacitiesfoundation.org/GreenFund.aspx