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.
The Georgia Cities Foundation runs a low-interest loan fund to assist with the rehabilitation of historic buildings in Georgia’s downtown. The program can loan up to $250,000. The Foundation prefers to participate no more than 40% in total project costs, and usual terms are 3% interest, 10 years fully amortized. The Foundation will subordinate to other lenders.
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 Macon-Bibb Urban Development Authority (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. Download the application.