Georgia
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Community Facilities
Loan and
Grant Programs
Description:
Funding is provided for the financing of essential community facilities such as
health care clinics, police and fire stations, schools, and child care centers.
Guaranteed loans, direct loans, and grants are available. To see a more
complete list of eligible loan purposes, please click here.
Loan Purposes:
Funds can be used for construction, land acquisition, legal fees, engineering
fees, capitalized interest, equipment, etc.
Who is Eligible:
Public bodies and nonprofit corporations. Applicants must be unable to obtain
the financing from other funding sources and/or their own resources at rates and
terms they can afford.
Loan/Grant Amount:
Funding may be obtained for 100 percent of eligible project costs, subject to
adequate security, ability to repay, applicant's authority to borrow, and
availability of funds. Grant assistance may be available for up to 75 percent of
project costs not to exceed $50,000.
Loan Terms:
Up to 40 years based upon an applicant's authority and life expectancy of the
security.
The interest rates (effective Jan 1 - Mar 31) are:
Market - 4.00%
Intermediate - 4.250%
Poverty - 4.5%
These rates are subject to change on a quarterly basis.
Other Criteria:
Grant recipients must be located in a rural community having a population of
20,000 or less and serve primarily rural area with populations of 20,000 or
less, and serve areas where the median household income of the population served
by the proposed facility is below the higher of the poverty line ($22,050) or
80% ($35,327) of the State non-metropolitan median household income.
Funding Update:
FY '10 funding allocations are currently available.
Accomplishments :
2009 Accomplishments
Direct/Guaranteed Loans and Grants - $5,905,299
37 loans and 40 grants
Where Do You Apply:
Program information and Application Forms can be obtained from any Area Office
within the state.
Last Updated : February 03, 2010