Compilation of Rules and Regulations of the State of Georgia
Department 110 - RULES OF GEORGIA DEPARTMENT OF COMMUNITY AFFAIRS
Chapter 110-19 - DOWNTOWN DEVELOPMENT REVOLVING LOAN FUND (DD RLF)
Subject 110-19-1 - DOWNTOWN DEVELOPMENT REVOLVING LOAN FUND (DD RLF)
Rule 110-19-1-.06 - Awarding of Loan Funds

(1) The loan limit will be neither be more than $250,000 per project nor less than $50,000 per project. At its discretion, the Department may decide to loan an amount less than the amount requested in the application. The loan limit may also, at the discretion of the Commissioner of the Department, be raised to assist projects that exhibit exceptional needs or public benefits.

(2) Once selected for funding, applicants will be notified by the Department through a Statement of Loan Award incorporating by reference standard general conditions and any special conditions that the Department deems to be necessary or appropriate and any loan agreement(s) and/or intergovernmental contract(s) that may be used to implement the proposed project.

(3) The standard general conditions and special conditions (if any) shall be incorporated into any loan agreement and/or intergovernmental contract that may be executed and used to implement a transaction between the Department and the applicant or the applicant and its implementing agency or sub-recipient(s).

(4) The applicant must obtain the Department's prior approval for any subordinate intergovernmental agreements, loan agreements, leases, or any other instrument that may be used to implement an activity financed in whole or part by funds authorized under this regulation.

(5) Applicants will have up to thirty (30) days from the date of the commitment letter to accept the loan. If the applicant fails to accept the loan and all attached conditions within the required period, the Department may unilaterally withdraw its commitment.