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. Its objective is to support revitalization efforts of downtown areas in Georgia. The maximum loan is $250,000 per project. The DD RLF is a loan program and applications will be subjected to a rigorous analysis to ensure the applicants' ability to repay the loans in accordance with their specific terms and conditions.
Eligible Recipients Detail:
Eligible applicants under this program shall be municipalities with a population of 100,000 or less, counties with a population of 100,000 or less proposing projects in a core historic downtown area, and development authorities proposing projects in a core historic downtown area in municipalities or counties with a population of 100,000 or less. The ultimate user of funds may be a private business, developer or a public entity such as a city or development authority. Applicants must demonstrate that they have a viable downtown development project and clearly identify the proposed uses of the loan proceeds. Excluded are metropolitan cities, urban counties and other units of government eligible to participate in HUD's entitlement programs for urban counties, or metropolitan cities.
General Infrastructure; Last Mile Connectivity; Building Connectivity; Broadband Enabled Devices (General)
Eligible Purpose Detail:
Applicants must demonstrate that they have a viable downtown development project and clearly identify the proposed uses of the loan proceeds. Once approved, funds may be used for such activities as: real estate acquisition, development, redevelopment, and new construction; rehabilitation of public and private infrastructure and facilities; purchase of equipment and other assets (on a limited basis).