Georgia Cities Foundation Loan Impact to Date:
| Number of Loans: 194 Number of Cities: 63 Total GCF Lending: $38,637,703 Total Project Costs: $225,298,560 Number of New Businesses: 36 | New/Retained Downtown Jobs: 2,556 Downtown Housing Units: 366 New Hotel Units: 229 Redeveloped Square Footage: 1.724 million sf New Construction Square Footage: 229,000 sf |
Applications for the program may be submitted at any time. The Foundation's 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
* 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.
For More Informaion Contact:
Chris Higdon at chigdon@gacities.com
678-651-1018
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 |
For More Informaion Contact:
Chris Higdon at chigdon@gacities.com
678-651-1018
Eligible Projects
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:
- Real estate acquisition
- Building rehabilitation
- New construction
- Green space and parks
- Operating expenses and administration
- Local revolving loan funds
- Public infrastructure projects
- Streetscapes
- Facade projects
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.
- 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