(404) 657-8645/(888) 373-5947
State Historic Preservation Tax Incentives
This incentive program is designed to encourage rehabilitation of both residential and commercial historic buildings that might otherwise be neglected. These rehabilitated buildings not only increase property values for owners, but eventually increase tax revenues for local governments.
Rehabilitated Historic Property Tax Assessment Freeze:
The law provides an owner of historic property which has undergone substantial rehabilitation on an eight-year freeze on property tax assessments. For the ninth year, the assessment increases by 50% of the difference between the recorded first year value and the current fair market value. In the tenth and following years the tax assessment will then be based on the current market value.
The preferential assessment and classification of rehabilitated historic property include the rehabilitated building, and not more than two acres of real property surrounding the building.
To Be Eligible:
- The property must be listed or qualify for listing in the Georgia Register of Historic Places or the National Register of Historic Places, either individually, or as a contributing building within a historic district.
- Work must meet rehabilitation standards and be completed within two years.
Requirements for Preferential Assessment:
- The rehabilitation project must meet a substantial rehabilitation test. The county tax assessor makes this determination.
If the property is:
- Residential: (owner-occupied residential property) – rehabilitation must increase the fair market value of this building by at least 50%.
- Mixed-use: (primarily residential and partially income-producing property) – rehabilitation must increase the fair market value of the building by at least 75%.
- Commercial and Profession Use: (income producing property) – rehabilitation must increase the fair market value of the building by at least 100%.
The property owner must obtain preliminary and final certification on the project from the Historic Preservation Division (HPD) of the Georgia Department of National Resources (DNR). Rehabilitation must be in accordance with DNR’s Standards for Rehabilitation.
This incentive program is carried out by the Historic Preservation Division of the Georgia Department of Natural Resources and by your county tax assessor. The application process has two parts. Part A (preliminary certification) documents that the building is historic property and that the proposed work meets DNR standards. Part A preferably should be filed before the work begins. Part B (final certification) documents the finished work.
The DNR-approved Part A application must be filed with the county tax assessor to begin the assessment freeze period. From that filing date, an applicant has 24 months to complete the work and file DNR-approved Part B application with the county tax assessor to continue the property assessment freeze.
HPD can provide technical assistance and encourages communication with our office. Additional information, tax application forms, and instructions are available from HPD upon request.
The Historic Preservation Division of DNR serves as the state historic preservation office. Working in a partnership with the U.S. Department of the Interior, the state preservation office carries out the mandates of Georgia law and the National Historic Preservation Act, as amended, and works with local communities to preserve the historic, architectural and archaeological resources of Georgia.
For more information on Georgia’s historic preservation programs, contact the Historic Preservation Division (HPD) at (404) 656-2840 or on the web at www.gashpo.org
Our mission is to assist cities in their efforts to revitalize and enhance downtown areas by serving as a partner and facilitator in the funding of capital projects throughout Georgia.
The Georgia Cities Foundation
(GCF) is a non-profit subsidiary of the Georgia Municipal Association (GMA). Its purpose is to serve as a partner and facilitator in the funding of downtown capital projects throughout Georgia.
The Foundation Board Members:
Members of the Board are appointed by the GMA Board of Directors. The Foundation's Board is comprised of key leaders who share a commitment to promoting sustainable development in downtown areas throughout Georgia.
Application and Selection Process Applications
may be submitted at anytime to the Foundation. GMA and Foundation staff will review applications to determine if the project tits the overall objectives of the Foundation and economic impact on the community. Applications will be evaluated based on leadership, accountability, long-term sustain- ability 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.
Loan Amount and Terms:
- Loan amounts will not exceed $250,000 per project
- Interest Rate: Below Market Rate
- Repayment Period: Generally not to exceed 15 years.
- Security: Project collateral.
A loan from the Foundation to the municipality's Downtown Development Authority (DDA) or similar entity.
Funds may be used for such activities as real estate acquisition, building rehab, construction, green space, parks and historic downtown city halls and courthouses.
Ineligible Uses of Funds
Operating expenses and administration, local revolving loan funds, public infrastructure projects streetscapes, facade projects and certain governmental buildings including public safety and public works facilities.
For an application, contact the Foundation at 404-688-0472 or toll free at (888) 488-4462.
Visit us at: www.georgiacitiesfoundation.org
For information, contact:
201 Pryor Street SW
Atlanta, GA 30303
Phone 404 688 0472
Fax: 678 686 6289
New Market Tax Credit (NMTC) Program
The NMTC Program is a federal initiative designed to leverage up to $15 billion of private investment from allocations of NMTC’s and placed into America’s most impoverished urban and rural communities. The overall goal of the NMTC is to improve economic conditions in underserved communities by providing capital and technical assistance to community development financial institutions (CDFI), capital to insured depository institutions, and tax credit allocations to CDEs, which provide credit, capital, and financial services to these markets.
The following organizations have been awarded an allocation of NMTC and have targeted Georgia as a service area for NMTC activity. Contact the CDE’s below for more information.
|Eclypse Development Partners I LLC
|GS New Markets Fund
|National Trust Community Investment Corporation
|Self Help Ventures Fund
|Southern Appalachian Fund
|Wachovia Community Development Enterprises, LLC
||Eric Rosen (404)724-3634
For further information on the NMTC process, visit the CDFI website at:
(202) 622-2455 (CDFI HelpDesk)