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.
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 $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.
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.