Provides partial development financing for the renovation of vacant single- family housing or construction of new single-family housing on vacant lots that, once complete, will be sold to first time homebuyers for pre-agreed sales prices. Sales prices need to be affordable to households earning $50,000 annually or less. 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.
Property must meet pre-agreed specifications and be awarded a Certificate of Occupancy upon completion.
New construction or substantial renovation.
Typically, 12-month deferred payment, 0% to 4% interest, construction financing not to exceed $95,000 per dwelling.
Income restrictions for buyers apply depending upon source of financing. Household incomes generally cannot exceed 100% of area median income as published by HUD.