| General: | Provides partial development financing for the renovation of vacant housing or construction of new housing on vacant lots that, once complete, at least 50% of dwellings will be rented to modest- and low-income tenants for no more than HUD Fair Market Rents. 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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| Property Condition: | Property must meet pre-agreed specifications and be awarded a Certificate of Occupancy upon completion.
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| Typical Repairs: | New construction or substantial renovation. |
| Assistance: | Typically, 12-month deferred payment, 0% to 4% interest, construction financing not to exceed $50,000 per single-family house or $30,000 per apartment or LIHTC dwelling. Permanent financing commitment that takes out development assistance upon construction completion required. Some assistance may be converted to permanent financing for LIHTC projects.
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| Renter Income: | Income restrictions for renters apply depending upon source of financing. Household incomes for at least 50% of renters generally cannot exceed 80% of area median incomes as published by HUD. |
| Application Deadlines: | Ongoing, year-round, providing resources remain available. |
| Contact: | Anita Smith-Dixon (912) 651-2169 asmithdixon@savannahga.gov
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Fair Market Rent Table: FY 2022
Efficiency | 1-Bedroom | 2-Bedroom | 3-Bedroom | 4-Bedroom | $884 | $937 | $1,067 | $1,466 | $1,713 |
Subject to change. |