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Augusta Downtown Projects Hit Foundation's Loan Limit

Monday, July 15th, 2013

Any future projects in downtown Augusta that receive funding through the Geor­gia Cities Foundation will likely be on hold until September.

Low-interest loans issued through the foundation will be stalled until money from outstanding loans is repaid and cycled back into the program. The city hit its cap in June after an application was approved to convert a former bed-and-breakfast at 334 Greene St. into 10 studio apartments, said Mar­garet Woodard, the executive director of the Downtown Develop­­ment Authority.

As of May 31, nearly $945,000 loaned for seven renovation projects downtown was owed back to the foundation, said Alan Dicker­son, the community development manager for the foundation.

“A lot of loans have been approved, but they haven’t started paying them back yet because you get the money when the work is completed,” Woodard said. “That is the challenge right now, but we should be in good shape in the fall.”

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