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GA HB128
Bill
Status
Passed
4/16/2014
Primary Sponsor
Allen Peake
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AI Summary
- Establishes the Georgia Downtown Renaissance Fund as a revolving loan fund within the Department of Community Affairs to provide low-interest loans for qualified investments in downtown districts
- Eligible recipients include local governments, downtown development authorities, urban redevelopment authorities, special districts, and nonprofit organizations, with assistance available in the form of technical assistance, loans, loan guarantees, or any combination thereof
- Initial investment into the fund is capped at $5 million per year for up to four years, not to exceed $20 million total
- Commissioner of Community Affairs serves as director of the fund; local commitment to downtown redevelopment may be a major criterion in determining financial assistance amounts
- Department of Community Affairs is authorized to charge reasonable application or service fees to offset administrative costs and to promulgate rules and regulations for implementation
Legislative Description
Georgia Downtown Renaissance Investment Tax Credit Act; enact
Last Action
Effective Date
4/16/2014
Full Bill Text
No bill text available