| 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.
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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 $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
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