Schedule a project Plan banking works, savannah! Terms and conditions

1. 
   Parties
   

1. 
   City of Savannah, Georgia
   
2. 
   Federal Home Loan Bank of Atlanta
   

2. 
   Eligible Borrowers
   

3. 
   Eligible Properties
   

1. 
   Home Ownership: Newly constructed and/or fully renovated vacant single family houses developed and sold to qualified home buyers-- with priority given to houses that are part of a COS neighborhood revitalization initiative in the Savannah Gardens and Summerside neighborhoods-- in the city limits of Savannah, Georgia.
   
2. 
   Home Repairs: Existing owner-occupied single family houses in need of basic repair in the city limits of Savannah, Georgia.
   

4. 
   Funding Sources, Uses, and Allocation
   

1. 
   COS grants, forgivable loans, and 0% interest deferred payment loans to support the purchase of eligible units and grants for home repairs of existing homeowner occupied eligible units.
   
   1. 
      The total amount of available grants for both the purchase and rehabilitation activities shall be no less than $750,000 and no more than $900,000.
      
   2. 
      The estimated value of interest savings will provide an additional estimated financial benefit of $319,000.
      
2. 
   FHLBank Atlanta, grants to support the purchase of eligible units and grants for home repairs of existing homeowner occupied eligible units.
   
   1. 
      The total amount of grants for both the purchase and rehabilitation activities shall not exceed a total of $250,000.
      
      1. 
         The total amount of grants for rehabilitation activities shall not exceed a total of $200,000
         

5. 
   Maximum Funding per Unit and Lien Positions
   

1. 
   Home Purchases
   
   1. 
      COS, grant funding to reduce the purchase price of a house below the development costs of a house
      
      1. 
         Grants are expected to average $8,000 per house and not expected to exceed $12,000 per house.
         
      2. 
         Executed grant agreement
         
      3. 
         No term or amortization
         
   2. 
      COS, second and/or third mortgage, 0% interest financing.
      
      1. 
         Loans are expected to average $40,000 per house and are not expected to exceed $60,000 per house.
         
      2. 
         360 month term and deferred payment loan
         
         • 
           A portion of this financing may, if necessary, be forgiven over 15 years
           
   3. 
      FHLBank Atlanta, third or fourth mortgage securing purchase assistance
      
      1. 
         Up to $10,000 subsidy per eligible homebuyer
         
      2. 
         60 month term and amortization
         
         • 
           No interest or principal payment
           
2. 
   Home Repairs
   
   1. 
      COS, grant funding and/or second lien position 0% interest deferred payment loans if a senior loan is provided by a private lender.
      
      1. 
         Funding for home repairs are expected to average $4,000 per house and are not expected to exceed $10,000 per house.
         
      2. 
         Not to exceed 20 years
         
         • 
           No interest or monthly payment
           
   2. 
      FHLBank Atlanta, second or third lien position securing rehabilitation assistance for home repairs
      
      1. 
         Up to $15,000 per eligible homebuyer.
         
      2. 
         60 month term and amortization
         
         • 
           No interest or principal payment
           

6. 
   Eligible First Mortgage Loans
   

1. 
   Home Purchases
   
   1. 
      FHLBank Atlanta members or their subsidiaries or affiliates making the first mortgage home purchase loan to program participants.
      
   2. 
      Acceptable forms of first mortgage financing include.
      
      1. 
         Bank Portfolio Loans
         
      2. 
         Conventional
         
      3. 
         FHA
         
      4. 
         VA
         

7. 
   Borrower’s Funds
   

1. 
   Home Purchases
   
   1. 
      4 to 1 ratio, borrower funds to FHLBank Atlanta funds
      
   2. 
      Borrower contribution must be a minimum of $1,000
      

2. 
   Home Repairs
   
   1. 
      Not Applicable
      

8. 
   Start Date of MOU
   

March 5, 2014

9. 
   Application Acceptance Period
   

10. 
    Product Specific Application Documentation
    

11. 
    Pre-Disbursement Documentation
    

12. 
    Post-Disbursement Documentation
    

13. 
    Fee Schedule
    

1. 
   City of Savannah Fees
   

1. 
   For Rehab transactions, the total COS fees may not exceed 4% of the total hard costs excluding inspector fees and third party fees.
   

2. 
   City Inspector Fee
   

1. 
   May assess a maximum of $150 per rehabilitation application
   

3. 
   FHLBank Atlanta Shareholder
   

1. 
   For Rehab transactions, the total Shareholder fees may not exceed 3% of the total hard cost excluding third party fees such as recording and attorney fees, etc.
   

4. 
   FHLBank Atlanta
   

3. 
   No fee will be assessed
   

1. 
   As outlined in Exhibit A and Exhibit B, COS will submit unified application to FHLBank Atlanta shareholders on a predefined rotation, unless otherwise requested by homeowner.
   
2. 
   If a FHLBank Atlanta shareholder is interested in being included in the rotation, the shareholder shall contact the City of Savannah indicating their interest.