Downtown Economic Incentives

The Valdosta Main Street staff guides interested investors though several downtown economic incentives options.

GA Cities Foundation
Green Communities Fund

The Green Communities Fund is a rebate program offered by the Georgia Cities Foundation. The Green Communities Fund provides a 25% rebate for pre-approved, eligible energy efficient improvements to downtown commercial, mixed-use, and multi-family buildings within the state of Georgia.

GA Cities Foundation
Revolving Loan Fund

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. Eligible Projects include real estate acquisition, building rehabilitation, new construction, green space and parks. Ineligible uses of funds are operating expenses and administration, local revolving loan funds, public infrastructure projects, streetscapes, and facade projects.

DCA Downtown Development
Revolving Loan Fund

The purpose of the Downtown Development Revolving Loan Fund (DD RLF) is to assist cities, counties and development authorities in their efforts to revitalize and enhance downtown areas by providing below-market rate financing to fund capital projects in core historic downtown areas and adjacent historic neighborhoods where DD RLF will spur commercial redevelopment.

Applicants must demonstrate that they have a viable downtown development project and clearly identify the proposed uses of the loan proceeds. Once approved, funds may be used for such activities as: real estate acquisition, development, redevelopment, and new construction; rehabilitation of public and private infrastructure and facilities; purchase of equipment and other assets (on a limited basis).

The maximum loan is $250,000 per project. Applications will be accepted throughout the year and as loan funds are available to the Department.

State Historic Preservation
Tax Incentives

The Georgia State Income Tax Credit Program for Rehabilitated Historic Property allows eligible participants to apply for a state income tax credit equaling 25% of qualifying rehabilitation expenses capped at $100,000 for personal, residential properties, and $300,000 for income-producing properties. The credit is a dollar for dollar reduction in taxes owed to the State of Georgia and is meant to serve as an incentive to those who own historic properties and wish to complete a rehabilitation. The Georgia Preferential Property Tax Assessment Program for Rehabilitated Historic Property allows eligible participants to apply for an 8-year property tax assessment freeze. This incentive program is designed to encourage rehabilitation of both residential and commercial historic buildings by freezing property tax assessments for eight and one-half years.

Federal Historic Preservation
Tax Incentives

The Federal Historic Preservation Tax Incentives allows eligible participants to apply for a state income tax credit equaling 20% of qualifying rehabilitation expenses of historic, income-producing buildings that are determined by the Secretary of the Interior, through the National Park Service, to be "certified historic structures." The State Historic Preservation Offices and the National Park Service review the rehabilitation work to ensure that it complies with the Secretary's Standards for Rehabilitation. The Internal Revenue Service defines qualified rehabilitation expenses on which the credit may be taken. Owner-occupied residential properties do not qualify for the federal rehabilitation tax credit.