PROGRAM TITLE & DESCRIPTION
Low Income Housing Tax Credit Program Eligible Activities: Federal income tax incentives for the following activities:
Acquisition – To qualify for the acquisition Credit, the building must have been last placed in service at least 10 years prior to application — certain exceptions apply — and must involve rehabilitation.
Rehabilitation –To qualify for the rehabilitation Credit, rehabilitation expenditures chargeable to capital account must equal the greater of 10 percent of the building’s adjusted basis or average at least $10,000 per low-income unit.
Total Funding: Approximately 9.5 million in tax credits Maximum per Project: an annual Credit of approximately thirty percent (30%) of the present value of depreciable basis for developments involving acquisition, and an annual Credit of approximately seventy percent (70%) of the present value of depreciable basis for developments involving new construction or rehabilitation. Match Requirements:
Georgia Department of Community Affairs 60 Executive Park South, NE Atlanta, GA 30329
Phyllis Carr (404) 327-0619 email@example.com
Organizational Grants Eligible Activities: Grants designed to provide support to arts organizations and other groups administering arts projects. Total Funding: N/A Maximum per Project: $5,000 Match Requirements: 25% local matching funds required.
Georgia Council for the Arts 260 14th Street, NW Suite 401 Atlanta, Georgia 30318 (404) 685-2787
OwnHOME Program Eligible Activities: Loans for first-time home buyers with a deferred payment to cover most of the down payment, closing costs and prepaid expenses associated with their home purchase. Total Funding: Approximately $3 million per year. Maximum per Project: $5,000 Match Requirements: 1.5% personal matching funds required.
Georgia Department of Community Affairs 60 Executive Park South, NE Atlanta, Georgia 30329
Carmen Chubb (404) 679-4846 firstname.lastname@example.org
OneGeorgia Equity Fund Program Eligible Activities: Grants and loans to finance activities that will assist in preparation for economic development. Eligible projects include traditional economic develop- ment projects such as water and sewer projects, road, rail and airport improvements and industrial parks as well as workforce development projects, technology development or tourism development proposals, just to name a few. Applications considered for projects in Tier 1, Tier 2 or Tier 3 (with conditions) counties only. Total Funding: Approximately $10 million per year. Maximum per Project: $500,000 Match Requirements: N/A Other: Application deadlines are:
January 16, 2001/Awarded March 30
May 15, 2001/Awarded July 31
September 14, 2001/Awarded November 3
OneGeorgia Authority 1202-B Hillcrest Parkway Dublin, Georgia 31021 (478) 274-7734