Unlocking the Power of Grants and Investments for Real Estate Developers in Georgia: Top Opportunities and Resources to Fund Your Projects

As the real estate market continues to grow and evolve, investors and home buyers are constantly seeking ways to fund their projects. One option for developers in Georgia is to apply for grants. In this edition, we'll explore some of the top grants for real estate developers in Georgia, including their qualifying criteria, website to apply, average investment, type of development, ideal candidate, things to consider and who can help you apply!

Georgia Dream Homeownership Program

The Georgia Dream Homeownership Program offers down payment assistance and homebuyer education for low-to-moderate income residents of Georgia. The qualifying criteria for this program includes a maximum household income of $89,000 and a minimum credit score of 640. To apply, home buyers can visit the Georgia Dream website. The average investment for this program is $5,000 to $7,500, and the type of development is single-family homes. Ideal candidates are developers who are interested in building affordable homes for low-to-moderate income families.

HOME Investment Partnerships Program

The HOME Investment Partnerships Program is a federally-funded program that provides grants to eligible local governments, nonprofits, and developers to create affordable housing units for low-income families. The qualifying criteria for this program includes a maximum household income of 80% of the area median income and a commitment to providing affordable housing for a minimum of 20 years. Developers can apply through their local participating jurisdictions. The average investment for this program is $500,000 to $1 million, and the type of development is affordable rental housing. Ideal candidates are developers who are interested in creating affordable housing for low-income families.

Community Development Block Grant Program

The Community Development Block Grant Program provides funding to local governments and nonprofits for various community development projects, including affordable housing. The qualifying criteria for this program includes a demonstrated need for the project, the ability to complete the project within a reasonable time frame, and a commitment to providing affordable housing for a minimum of 20 years. Developers can apply through their local participating jurisdictions. The average investment for this program is $100,000 to $500,000, and the type of development can vary. Ideal candidates are developers who are interested in community development projects and creating affordable housing.

Housing Tax Credit Program

The Housing Tax Credit Program provides tax credits to developers who build or rehabilitate affordable rental housing units for low-income families. The qualifying criteria for this program includes a minimum of 20% of the units being set aside for households with incomes at or below 50% of the area median income. Developers can apply through the Georgia Department of Community Affairs. The average investment for this program is $2 million to $5 million, and the type of development is affordable rental housing. Ideal candidates are developers who are interested in creating affordable rental housing for low-income families.

Neighborhood Stabilization Program

The Neighborhood Stabilization Program provides funding to eligible entities to stabilize neighborhoods affected by foreclosures and abandonment, including the acquisition and rehabilitation of foreclosed properties. The qualifying criteria for this program includes a demonstrated need for the project and the ability to complete the project within a reasonable time frame. Developers can apply through their local participating jurisdictions. The average investment for this program is $500,000 to $1 million, and the type of development can vary. Ideal candidates are developers who are interested in community development projects and rehabilitating foreclosed properties.

When applying for grants, developers should consider several factors, including the eligibility criteria, application requirements, and timeline for the program. Developers should also have a clear understanding of the project's feasibility and be able to demonstrate a clear need for the project. Additionally, developers should be prepared to invest their own capital into the project, as most grants do not cover 100% of the project costs.

Brownfield Program

The Brownfield Program provides funding to eligible entities to assess and clean up contaminated sites for redevelopment purposes. The program offers both grants and loans to assist with the cleanup and redevelopment of these sites. Qualifying criteria for this program includes identifying a contaminated site that is suitable for redevelopment. Developers can apply through the Georgia Environmental Protection Division. The average investment for this program can vary depending on the extent of the cleanup and redevelopment needed, and the type of development can vary. Ideal candidates are developers who are interested in rehabilitating contaminated sites for productive reuse.

Opportunity Zones

Opportunity Zones are designated areas that provide tax incentives for investors who invest in qualified Opportunity Zone projects. Qualifying criteria for this program includes locating the project in a designated Opportunity Zone and meeting other eligibility requirements for the specific tax incentives. Developers can apply by working with a Qualified Opportunity Fund. The average investment for this program can vary depending on the size and scope of the project, and the type of development can vary. Ideal candidates are developers who are interested in creating projects that provide benefits to designated Opportunity Zones.

In addition to the grant and investment programs mentioned above, developers in Georgia can also seek assistance from various agencies and non-profits that specialize in affordable housing and community development. These organizations can provide valuable resources and support to help developers navigate the application process and secure funding for their projects.

1. Georgia Department of Community Affairs (DCA)

The Georgia DCA offers a variety of programs and services related to community development and affordable housing, including many of the grant programs mentioned above. The DCA provides technical assistance to developers and local governments to help them navigate the application process and ensure that their projects meet the eligibility criteria for each program. https://www.dca.ga.gov/

2. Invest Atlanta

Invest Atlanta is the official economic development agency for the City of Atlanta. The agency provides financing and other resources to support real estate development projects throughout the city, with a particular focus on affordable housing and community development. Invest Atlanta can help developers identify the best financing options for their projects and connect them with the appropriate resources. https://www.investatlanta.com/

3. Georgia ACT

Georgia Advancing Communities Together (Georgia ACT) is a non-profit organization that works to promote affordable housing and community development throughout Georgia. The organization provides technical assistance and support to developers, as well as advocacy and policy development services. Georgia ACT can help developers navigate the application process for various grant and investment programs, and can also provide other resources to support their projects. https://www.georgiaact.org/

4. Georgia Trust for Historic Preservation

The Georgia Trust for Historic Preservation is a non-profit organization that works to preserve and revitalize historic properties throughout the state. The organization provides technical assistance and financing options for developers interested in rehabilitating historic buildings and structures. The Georgia Trust can help developers identify the best financing options for their historic rehabilitation projects and connect them with the appropriate resources. https://www.georgiatrust.org/

5. Local Non-profit Community Development Corporations (CDCs)

Community Development Corporations are non-profit organizations that work to promote affordable housing and community development in specific geographic areas. Many CDCs offer technical assistance and financing options for real estate developers who are interested in investing in these communities. CDCs can provide developers with valuable insights into the local market and community needs, as well as help them navigate the application process for various grant and investment programs.

By partnering with these agencies and non-profits, developers can gain access to valuable resources and support that can help them secure funding for their projects and make a positive impact in Georgia's communities.

Developers should visit each website to learn more about the resources and services offered by these organizations, as well as how to get in touch with them for assistance with grant and investment applications.

When applying for these grants and investments, developers should carefully consider the specific eligibility criteria, application requirements, and timeline for each program. Developers should also have a clear understanding of their project's feasibility and be prepared to invest their own capital into the project. By doing so, developers can take advantage of these opportunities to fund their real estate projects and make a positive impact in Georgia's communities.