There are many incentives for developing real estate in downtown Macon. Not all of these incentives apply to every property in downtown but learning about these incentive programs is a great place to start. NewTown specializes in individual and group coaching for real estate development. Please contact us to learn more.
Loans & Financing
Georgia Cities Foundation
Georgia Cities Foundation runs a low-interest loan fund to assist with the rehabilitation of historic downtown buildings in Georgia. The program can loan up to $250,000.Â
Tax INcentives
Property Tax Abatement
Property tax abatement or monetization is available for new-build projects (or historic properties that opt out of the historic preservation tax abatement) through the UDA. The UDA has pre-approval from local taxing agencies to authorize abatements for projects that add loft housing under very specific program guidelines. The abatement allows no property tax payments during the first five years of ownership and then a gradual increase to full taxes over years six to ten.
State and Federal Tax Incentives for Historic Rehabilitation
If you spend an amount equal to the value of a historic building on eligible rehabilitation work over twenty-four months, you may be eligible for a property tax freeze at the pre-rehabilitation value for 8.5 years, a 25% state income tax credit, and a 20% federal income tax credit. We recommend contacting Historic Macon Foundation prior to beginning a project to see if you’re eligible and to take advantage of their consulting service.
Tax Allocation Districts (TADs)
Tax Allocation Districts (TADs) are Georgia's form of Tax Increment Financing (TIF). This tool is very similar to a PILOT except it allows you to leverage the property taxes from multiple parcels instead of just one. This tool is especially useful when a new development is expected to help lift the values of a large number of properties in a whole area or neighborhood. Downtown Macon already has a number of TADs in place and new TADs can be created. Generally speaking, TADs will issue bonds to pay for major infrastructure improvements like streetscapes, parks, road diets, bike facilities, pedestrian improvements, and parking. These bonds are then repaid by the increase in property values from the developments that are leveraged from this infrastructure. If you are interested in a project downtown but deterred by access to parking or a lack of public space amenities, please let us talk to you about how a TAD could help fund these improvements to make your project a reality without increasing your costs!
Energy Incentives
Electricity
Georgia Power offers incentives for energy efficiency upgrades in both rehabilitated and newly constructed properties, and for both commercial and multi-family development.Â
Natural Gas
Atlanta Gas Light offers incentives for energy efficiency upgrades in both rehabilitated and newly constructed properties, and for both commercial and multi-family development.