Newtown Macon

Community development financial institution (cdfi): Newtown Macon (through its subsidiary Newtown loans, llc) has been designated by the u.s. department of the treasury as a cdfi. The cdfi facilitates the larger strategy of increasing downtown residents by funding loft development through the real estate loan fund and growing jobs by providing capital and mentoring to entrepreneurs. The real estate loan fund was established in partnership with the Macon- bibb urban development authority and macon-bibb county. We use bond funds in viable residential projects to close the gap between sources of funds (including owner equity, traditional financing and historic tax credits) and the actual cost to rehabilitate or build real estate developments downtown. At the end of the fiscal year, the cfi had 8.8 million of loans in service on projects. In total, cdfi's real estate loans produced projects with market values of 115 million, expected to produce 371 residential lofts and rehabilitate over 695,477 square feet of underutilized buildings. The cdfi also provides support for entrepreneurs. We offer a variety of services including shepherding applicants through the permit process, one- on-one mentorship counseling, and access to capital through loans, equity investments and joint ventures. Our staff served over 600 individual entrepreneurs during the year through a comprehensive set of individual and group training programs. In total by the end of the fiscal year, the cdfi had closed nineteen business loans, for a total of approximately 1.7 million. These services attract businesses to downtown, verified by a total of 6 net new businesses opening in downtown Macon during the fiscal year.

The ocmulgee heritage trail (oht) oht continues to be one of our main focuses as a public/private partnership. Newtown Macon runs an advisory committee to plan and manage expansion and improvement of the trail system and raise private funds to enable these improvements through the oht construction fund. Once improvements are complete, Newtown turns the improvements over to local government to run as public park space in perpetuity. The committee is working to finalize a new master plan to guide the next twenty-five years of trail development.

Creating a sense of place: a desirable neighborhood is both livable and walkable, so Newtown Macon is promoting the downtown lifestyle and providing recreational activities. Newtown promotes a sense of place by managing first friday events, beautifying the streets, promoting downtown events, and promoting the development of the ocmulgee heritage trail. Newtown Macon also promotes downtown living through marketing and branding, and by helping people find a place to live through the loft finder online service at newtownmacon.com/loft-finder. Through these strategies, downtown Macon is attracting new residents. We ended the year at our goal of 85% occupancy within downtown Macon's loft rental units.

Growing jobs and increasing residents: one of the most transformative ways Newtown Macon is changing downtown is by turning vacant, dilapidated buildings into beautiful, useful spaces. Newtown is growing jobs and increasing residents by protecting endangered buildings through the transitional property fund (tpf). This fund allows a building owner to donate or partially donate a building to Newtown, and Newtown matches the building to capable developers. The tpf held one property during the fiscal year for future development, which is a developable riverfront lot at 167 riverside dr. one property previously held by the tpf remained in the development process during the fiscal year: 476 second street, which is under construction for lofts and a retail tenant. The tpf completed the rehabilitation of one previously abandoned building and returned this building to service during the year: 536 third st., which now contains 28 rental lofts and three storefronts. The tpf continued to independently own and rehabilitate 455 third st., a historic theatre. Two previously-rehabilitated tpf projects remained under shared ownership including a boutique hotel at 350 second st. and a mixed-use building at 596 cherry st. Previous tpf projects include: 518-530 cherry st. (travis jean), 552-580 cherry st. (lamar lofts), 566 poplar st., 546 poplar st., 382 second st. (capitol theatre), 555 poplar st., 454 terminal ave., 360 sixth st., riverside dr. assemblage, 300 cherry st. (sports hall),745 poplar st. (shrine temple), 461 third st., and 540 martin luther king, jr. blvd. (mercer music at capricorn).