Savannah teams up with Atlanta bank for affordable housing grant - WTOC-TV: Savannah, Beaufort, SC, News, Weather & Sports

Savannah teams up with Atlanta bank for affordable housing grant

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SAVANNAH, GA (WTOC) -

Savannah is teaming up with the Federal Home Loan Bank ofAtlanta for a $250,000 grant to help low income families fix up, or buy a newhome.

The Savannah partnership was outlined to the Savannah CityCouncil Wednesday and later approved.

It would provide at least 25 families with a forgivable loanthey could use to either fix up and repair their homes or buy a new home andhelp cover up front costs, like a down payment.

Families would have to qualify first, and then choose abank.

"So there's 19 banks locally that will be able to use thismoney working with the city to help people repair their homes or purchase ahome," said Savannah City Housing Director Martin Fretty.

Fretty said to purchase a home, qualified families wouldfirst have to get first mortgage financing. For housing repairs, it would be afive year forgivable loan.

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