| General: | Provides partial development and/or permanent financing for rent and income restricted affordable rental housing constructed on vacant lots or located in renovated vacant housing.
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: | New construction or substantial renovation. Property must meet pre-agreed specifications and be awarded a Certificate of Occupancy upon completion.
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| Maximum Assistance - Loan: | Condition 1. Up to $50,000 construction loan per affordable dwelling with an interest rate of up to 4% and a term of up to 18 months.
Condition 2. Up to $30,000 construction-to-perm loan per affordable dwelling with an interest rate that is equal to the Applicable Federal Rate and no less than 4% with a term of up to 20 years for LIHTC or similar projects
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| Permanent Private Financing: | Commitment letter from lender demonstrating that private permanent financing that will payoff construction loan at end of loan term.
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| Rent Requirements: | Rents cannot exceed HUD published Fair Market Rents during the affordability period unless otherwise agreed to in writing.
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Renter Income:
| During the affordability period, at least 50% of dwellings must be rented to households with income at or below 80% of area median incomes as published by HUD. |
| Application Deadlines: | Ongoing, year-round, providing funds remain available. |
| Contact: | Cimone' Gilbert (912) 651-2169 Ext. 1415 - development@savannahga.gov
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Fair Market Rent Table: FY 2025
Efficiency | 1-Bedroom | 2-Bedroom | 3-Bedroom | 4-Bedroom | $1,324 | $1,431 | $1,584 | $2,131 | $2,459 |
Subject to change. |