NOW Covington provides incentives for new construction projects $10 million and above. This incentives is provide at the discretion of the NOW Covington Board of Directors. Please see the Economic Development Manager to see if your project qualifies.

These funds are supported by the state’s Redevelopment Fund to leverage private sector investments in commercial, downtown, and industrial redevelopment and revitalization projects that need Redevelopment Fund investment to proceed.

While all CDBG-funded projects that create jobs must meet applicable low and moderate-income criteria, the Redevelopment Fund will allow projects to be approved using an “eliminating slum and blight” national objective. The Redevelopment Fund may support and extend DCA’s existing CDBG programs in order to allow redevelopment projects with “challenging economics” to be made competitive for DCA, private, and other public funding investments.

Eligible Uses

• Address “slums and blight” specific criteria.
• Grant assistance to local governments for public facilities.
• Direct loan assistance to private, for-profit businesses to finance various fixed assets (i.e. land, building, machinery, and equipment).

Loan Terms: Interest rates for loan projects are below market, generally fixed at 3%. Repayment period is typically five to fifteen years, depending on the asset financed.

Maximum Award Amounts

• The maximum award is $750,000 per project.

Covington which undertook redevelopment and revitalization efforts in certain older commercial and industrial areas now offers those areas for the State’s maximum job tax credit of $3,500 per job.

The incentive, which is available for new or existing businesses that create two or more jobs, is a Job Tax Credit which can be taken against the business’s Georgia income tax liability and payroll withholding tax. The credit is available for areas designated by DCA as an “State Opportunity Zone”.

State Opportunity Zone Tax Credit Incentives

• The maximum Job Tax Credit allowed under law - $3,500 per job created
• The lowest job creation threshold of any job tax credit program - 2 jobs
• Use of Job Tax Credits against 100 percent of Georgia income tax liability and withholding tax
• Provides for businesses of any nature to qualify, not just a defined "business enterprise."

NOW Covington provides incentives for new construction projects $10 million and above. This incentives is provide at the discretion of the NOW Covington Board of Directors. Please see the Economic Development Manager to see if your project qualifies.