Applications for the Revolving Loan Fund program may be submitted at any time. GMA and the Foundation staff will review applications to determine if the project fits the overall objectives of the Foundation and is likely to have a positive economic impact on the community. 

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.

Fee Structure - Effective July 1, 2018
  GCF RLF & CDFI GCF - SSBCI Green Communities Fund
Application Fees $250 $250 $125
Origination Fees* 1.00% 1.00% 1.00%
Origination Fee Cap N/A $10,000 N/A
* Loan origination fees prior to July 1, 2018 are 0.75% of loan amount, except for GCF-SSBCI, which is 1.00% of loan amount.

Eligible Projects  
 
  • Real estate acquisition
  • Building rehabilitation
  • New construction
  • Green space and parks

Ineligible Uses of Funds
 
  • Operating expenses and administration
  • Local revolving loan funds
  • Public infrastructure projects
  • Streetscapes
  • Facade projects

Loan Amounts and Terms
 
GCF presently provides loans up to $250,000. The interest rate is below market rate, with a 10-year term and 15-year amortization (balloon payment after 10 years).

Financing Structure

GCF recommends a 50-40-10 financing structure for projects, with 50% of the project cost being financed through conventional lenders, 40% being financed through low interest loan programs (GCF and/or DD RLF), and 10% being the developer's equity participation.

Loan Structure
 
GCF loans may be structured as follows:
  • A loan to a DDA or similar entity
  • A loan to a DDA with:
    • An intergovernmental agreement with the city.
    • A lease or loan to a private owner/developer.
    • An intergovernmental agreement with the city, and a sublease to a private owner/developer.

Eligibility Considerations
 
  • Local support
  • Approach to downtown development
  • Project budget and timeframe for completion
  • Service Delivery Strategy (SDS) compliance and Qualified Local Government (QLG) designation
  • Matching funds
  • Underwriting review