Investing in Downtown

Investing in Downtown 2016-10-19T16:42:25+00:00

Investing in Historic Downtown Cartersville

Loan Programs

Georgia Department of Community Affairs (DCA) Downtown Development Revolving Loan Fund (DDRLF)

The purpose of the DDRLF is to spur commercial redevelopment by providing below market rate financing to fund capital projects in key historic districts.

• $50,000 (min) – $250,000 (max)
• 50-40-10 financing structure with 2% interest rate.
• Bank finances 50%, DCA 40%, borrower 10% (minimum).
• Repayment period is typically 10 years amortized at a 15 year rate.
• Site visit required prior to start of project activity.
• No application fee.
Visit: www.dca.ga.gov

Georgia Cities Foundation (GCF) Revolving Loan Fund

The GCFRLF follows the same structure as the DDRLF and the two programs may be used together.

• 50-40-10 at 2% interest rate.
• 10 year period, 15 year rate.
• Requires a $250 application fee.
Visit: www.georgiacitiesfoundation.org

Tax Credits

Georgia Property Tax Assessment Program for Rehabilitated Historic Properties

Qualifying properties are eligible for an 8 1/2 year property tax assessment freeze.

• Rehabilitation must meet Department of Natural Resources’ Standards for Rehabilitation and must be completed within two years.
• Property owner must obtain preliminary and final project certification from GA HPD.
• Cost of rehabilitation must meet a minimum project threshold for qualification.
Visit: www.georgiashpo.org/incentives

Georgia Income Tax Credit Program for Rehabilitated Historic Properties

Qualifying rehabilitation expenses are eligible for a 25% income tax credit, to be capped at $300,000.

• Dollar for dollar state tax credit.
• Rehabilitation must meet Department of Natural Resources’ Standards for Rehabilitation.
• Cost of rehabilitation must meet a minimum project threshold for qualification.
• Preliminary project approval is strongly recommended.
Visit: www.georgiashpo.org/incentives

Federal Rehabilitation Tax Credit
Qualifying rehabilitation expenses are eligible for a 20% tax credit.

• Dollar for dollar federal tax credit.
• Rehabilitation must meet Department of Natural Resources’ Standards for Rehabilitation.
• Cost of rehabilitation must meet a minimum threshold for project qualification.
• Preliminary project approval strongly recommended.
Visit: www.nps.gov

Tax Benefits for Preservation Easements
A preservation easement is a voluntary legal agreement that places restrictions on the development of, or changes to, a property. Easement rules are complex so interested owners should talk with their accountant or tax attorney.

Other Resources

Small Business Development Center
SBDC services include assistance with business plans, capital development, records keeping, financial management, marketing, advertising, and statistical/demographic research.
Visit: www.georgiasbdc.org 

Georgia Cities Green Communities Fund Rebate Program
Program provides a 25% rebate for pre-approved energy efficient improvements to downtown commercial, mixed use & multi-family buildings.
Visit: www.georgiacitiesfoundation.org

Cartersville DDA Design Grant
50/50 matching grant with $2,500 cap for facade or signage improvements in the downtown district.