Affordable Housing
Summary
The cost of renting or purchasing an affordable home in good condition presents challenges for low-income Savannah residents. Housing is considered affordable when the mortgage payment does not exceed 30% of gross household income and overall household debt, including the mortgage payment, does not exceed 40%. Affordable houses in basic, livable condition often range in price between $80,000 and $160,000. Approximately 14,400 (56%) of Savannah’s 25,538 renter households cannot afford to purchase an $80,000 house in good conditions with a $600 monthly PITI mortgage payment without paying more than 30% of their income.
In addition, according to the 2000 Census, 13,437 (53%) of Savannah’s 25,538 renter households pay more than 30% of their income for rent and are, therefore, cost burdened. Further, 16,800 (66%) of Savannah’s 25,538 renter households cannot afford to rent a 3-bedroom dwelling in good condition for the $765 monthly Fair Market Rent without paying more than 30% of their income. It is of interest to note that for a family seeking a three-bedroom dwelling, the cost burden to purchase is apparently lower than the cost of renting.
Policy Agenda
- Continue collecting data about housing available to low-income residents, including subsidy programs for renters and the availability and use of Low Income Housing Tax Credits.
- Increase public awareness through a public education campaign about the state of affordable housing in the City of Savannah.
- Create Savannah Chatham Housing Trust Authority (with a dedicated source of funding to increase the supply of affordable housing.)
Key Results
- 275 owner/renter housing units repaired/developed
- 90 houses purchased by home buyers
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Actions
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2006 Results
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2007 Goals
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Results to Date
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Homes Purchased by Homebuyers
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83
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80
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38 |
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Owner Occupied Homes Under Repair
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252
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300
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84
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Rental Dwellings Under Repair or Development
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210
|
50
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40
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Infill Houses Under Construction
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76
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50
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20
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Contacts
Champions
Robin Haddock
Executive Director
Mercy Housing
912-401-0008
Petrina Turner
Sr. Program Analyst
City of Savannah
Housing Department
912-651-6926
Petrina_Turner@SavannahGA.Gov
Mercy Housing, New Legacy CDC, BB&T Bank, Savannah Electric, Metropolitan Planning Department, Habitat for Humanity, Homeless Authority, Savannah State University, First Chatham Bank, CHSA, Fair Housing Council, First National Bank, City of Savannah, Suntrust Bank, Heritage Place Apts., Savannah Development renewal Authority, Rebuilding Together, Union Mission, Georgia Legal Services.
