FOR IMMEDIATE RELEASE
Date: March 7, 2014
During the March 5 City Council meeting, the Mayor and Aldermen announced Banking Works, Savannah!, a new affordable housing partnership with the Federal Home Loan Bank of Atlanta and its member institutions. Through this partnership, the Federal Home Loan Bank of Atlanta will make $250,000 of its grant funds available in 2014 to member banks. The grant funds will assist the City to provide affordable home repair and purchase grants (forgivable loans) to low and moderate income households in Savannah.
These funds, when combined with $750,000 of the City’s federal funds already allocated to affordable housing, are expected to help 125 families in 2014. Federal Home Loan Bank of Atlanta member banks are also expected to make about $1,000,000 in affordable home purchase financing available to program participants.
The Savannah Affordable Housing Fund (SAHF), established by the Mayor and Aldermen in 2012, has played an important role in making this new partnership possible. The SAHF provides participating homeowners and new housing developers with short term construction financing that is repaid with permanent funding from Banking Works, Savannah! This makes it possible for small contracting firms to participate in both home repairs and construction programs.
For more information, contact the City of Savannah Department of Housing at (912) 651-6926.