Provides partial development financing for the renovation of vacant housing or construction of new housing on vacant lots that, once complete, dwelling will be rented qualified persons experiencing homelessness or to those serving this population. Rents cannot exceed 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 and may be converted to permanent 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 $95,000 per single family house, or $30,000 per apartment or LIHTC dwelling. Permanent financing commitment that takes out development assistance upon construction completion required unless otherwise approved for some assistance to be converted to permanent financing.
Income restrictions for renters apply depending upon source of financing.