| General: | Provides partial development financing for the construction of new single-family houses on vacant lots or the renovation of vacant single-family houses that, once complete, will be sold to first-time homebuyers for pre-agreed sales prices and terms.
Development plans, materials, cost proformas and financing terms must be preapproved.
Assistance may take a subordinate lien position to the primary construction financing.
The property must be located in the Savannah city limits.
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Sales Price:
| Established before development funding approved.
Sales prices must be affordable to households earning $65,000 or less annually. |
| Property Condition: | New construction or substantial renovation.
Property must meet pre-agreed specifications and be awarded a Certificate of Occupancy upon completion.
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| Maximum Assistance - Loan: | Up to $95,000 12-month deferred payment construction loan with an interest rate of up to 4% per house.
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| Buyer Income: | Household income restrictions apply. |
| Application Deadlines: | Ongoing, year-round, providing funds remain available. |
| Contact: | Dennise Campbell (912) 651-6926 Ext. 1941 or email dcampbell@savannahga.gov
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