Home Buyers

General: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 Condition:Property must meet pre-agreed specifications and be awarded a Certificate of Occupancy upon completion.
Typical Repairs:New construction or substantial renovation.
Assistance:Typically, 12-month deferred payment, 0% to 4% interest, construction financing not to exceed $95,000 per dwelling.
Buyer Income:Income restrictions for buyers apply depending upon source of financing. Household incomes generally cannot exceed 100% of area median income as published by HUD.
Application Deadlines:Ongoing, year-round, providing resources remain available.
Contact:Patrece Grant (912) 651-6926 Ext. 1941 pgrant01@savannahga.gov

Vacant Property Housing Development Assistance Application