Facade Improvement Loan Program

Overview

Facade Loan Program Does your house need a little TLC? Paint, landscaping, roofing, porch repair, shade trees, window repair and lighting can all be taken care of with a facade loan from Historic Macon. If the improvements can be seen from the street, then they probably qualify. You can choose either a $5,000 loan or a $10,000 with five year repayments and 2% interest (about $88/month for $5,000 or about $175/month for $10,000). A 20% match is required. If you spend $5,000 or more, you may also be eligible for a 30% reimbursement from the State of Georgia. You can download the application and read the details of the program below. This program was enabled by a grant from the John S. and James L. Knight Foundation through the Knight Neighborhood Challenge at the Community Foundation of Central Georgia.

Loan Details

Loans are made in the amounts of $5,000 and $10,000 on five-year repayment terms at 2% interest. Owners must match these funds with at least 20% of their own investment.

How to Apply

To apply for a loan from the fund, please download, print, complete and return the application. Applications may be scanned and emailed to This e-mail address is being protected from spambots, you need JavaScript enabled to view it or submitted by mail to Historic Macon Foundation, PO Box 13358, Macon, GA 31208. Click here to download the application.

Guidelines

I.    Program Definition
The College Hill Façade Improvement Loan Program exists to enhance the exterior appearance of buildings within the College Hill district, as defined by the attached map. The program directly fulfills Historic Macon Foundation’s mission “to advocate for Macon’s historic and architectural heritage, to facilitate preservation efforts in our community, and to educate and inspire appreciation for our unique city.”

II.    Loan Review Committee
The Loan Review Committee will be appointed by the President of Historic Macon Foundation. The Executive Director of Historic Macon Foundation shall be responsible for providing technical assistance, receiving applications, conducting a staff review and presenting qualified applications to the Loan Review Committee.

III.    Property Eligibility
To be eligible for a loan from this fund, a property must meet the following criteria:
A.    Be located in the College Hill district as defined on the attached map
B.    Be owned in fee simple title by the applicant or the applicant must have a valid sales contract to acquire the property. Evidence must be provided to verify the required ownership interest
C.    Owner-occupied property will be given priority
D.    Be physically and financially feasible for rehabilitation
E.    The proposed work must enhance the exterior appearance of the property as visible from the public right-of-way

IV.    Loan Requirements/ Conditions
A.    Fees: The applicant shall pay an application fee of $100 to cover the cost of underwriting and application review ($50 for members of Historic Macon Foundation). The applicant shall also pay recording costs for recording any necessary documents (usually $45 for a $10,000 loan and $30 for a $5,000)
B.    Membership Requirement: Historic Macon appreciates your commitment to improve your part of the historic district. We invite you to join us for events and activities. Our Mission is to advocate for Macon’s historic and architectural heritage, to facilitate preservation efforts in our community, and to educate and inspire appreciation for our unique city. Therefore, all applicants shall be a member in good standing of Historic Macon Foundation. A membership is included in the $100 application fee. This membership must be kept active and in good standing throughout the loan repayment period (at least $50 per year while any amount of the loan is outstanding).
C.    Work Plan: A work write-up detailing the scope of the proposed rehabilitation must be approved by the loan committee. A sample work write-up is attached.
D.    Eligible Expenses: Proceeds from the loan may be used to pay for the following items
i.    Professional design services by licensed landscape designers and architects
ii.    Tax credit consulting and application fees for a substantial rehabilitation to a historic building
iii.    Exterior repairs (masonry, siding, trim, decorative finishes, porches, stairs, decking, roofing, etc.)
iv.    Painting
v.    Permanent landscaping, especially trees that provide shade to public right-of-way
vi.    Permitting fees for a Certificate of Appropriateness and a building permit from the City of Macon
E.    Ineligible Expenses: Proceeds from the loan will not fund
i.    The applicant’s own labor (sweat equity)
ii.    Interior improvements or repairs
iii.    Exterior improvements not visible from the public right-of-way
iv.    Additions
F.    Permitting: All work for which a permit is required must be pursuant to a building permit issued by the City of Macon with the approval of Macon-Bibb Planning and Zoning through the issuance of a Certificate of Appropriateness.
G.    Inspection: The applicant will permit Historic Macon Foundation and/or its employees, agents and representatives to inspect the property.
H.    Advertising: Historic Macon Foundation reserves the right to place a 18”x24”’ realtor sign in the yard of the subject property for the duration of the 90 day construction period advertising the Façade Loan Program.
I.    Records and Reporting: The borrower will maintain clear and accurate records and receipts to verify eligible expenses. Copies of payments to contractors, permitting agencies and professional designers shall be submitted to Historic Macon Foundation at the time that the borrower makes a request for final payment.
J.    Completion: All work shall be completed within ninety (90) days of the first disbursement of funds.

V.    Funding/ Loan Amounts
A.    Capitalization: The fund is capitalized at $70,000. No more than $70,000 may be disbursed at any time.
B.    Loan Amounts: Loans will be made for $5,000 and $10,000 and require the homeowner to provide a twenty percent (20%) cash match on eligible exterior improvements. Your work write-up should reflect costs at least 20% more than your requested loan amount.
C.    Interest Rate: Loans will carry a 2% interest rate.

VI.    Application Process
Applications are accepted year-round by submitting the completed application filled to:
Historic Macon Foundation
PO Box 13358                or   by email to This e-mail address is being protected from spambots, you need JavaScript enabled to view it
Macon, GA 31208

VII.    Disbursement of Loan Proceeds
Loan funds will be disbursed in three equal increments as follows:
A.    One-third (1/3) of the loan amount will be disbursed at loan closing pending the receipt of a signed contract for the work to commence
B.    One-third (1/3) of the loan amount will be disbursed after inspection by Historic Macon Foundation after one-half (1/2) of the work is completed
C.    One-third (1/3) of the loan amount will be disbursed after inspection by Historic Macon Foundation after completion of the work

VIII.    Terms of Repayment
A.    Loans will be fully amortized and repayable over sixty (60) months, payable in equal consecutive monthly installments.
i.    $5,000 loans will be repaid through sixty (60) consecutive monthly installments of $87.64
ii.    $10,000 loans will be repaid through sixty (60) consecutive monthly installments of $175.28
B.    Such monthly payments must be paid on or before the first (1st) day of every month until the full amount of the loan is paid.
C.    Should the Borrower fail to make the monthly payments on or before the tenth (10th) day of any month, a late payment charge in the amount of $25.00 shall be assessed.
D.    If any default is made in the payment of principal as stipulated above and such default is not cured within thirty (30) days thereafter, then Holder may, at Holder’s option, declare the unpaid principal balance of the loan, immediately due, payable and collectible. The failure of Holder to exercise this option shall not constitute a waiver of the right to exercise the same in the event of any subsequent default. Historic Macon Foundation will also have such other rights and remedies as may be available according to the laws of the State of Georgia, including the right to foreclose on the property.
E.    Payments will begin on the first (1st) day of the month following the completion of the project (90 days after the loan closing date).
F.    Note will be in default if construction is not complete within ninety (90) days from the date of the Note (loan closing date).

IX.    Security and Security Position
A.    The loan will be evidenced by a Promissory Note and will be secured by a Security Deed on the subject property.
B.    The Promissory Note is not assignable or transferable by the Borrower. If the Borrower sells or otherwise disposes of title to the subject property, the full amount of the unpaid balance shall be due and payable upon the closing of the sale.