Rental Property Improvement Loans

Our Rental Rehabilitation Improvement Program offers property improvement assistance to responsible investors who agree to rent to income-eligible tenants.

Program Priorities

Roof replacement
HVAC repair or replacement (heating, ventilation, and air conditioning)

All properties must meet current building code requirements upon completion of repairs.

Loan Terms

The property must be located in a City of Savannah neighborhood and meet program standards when the improvements are complete.
Generally, units must have at least 2 bedrooms to qualify.
The property’s debt compared to its value and its cash flow will be considered as part of our loan underwriting.
Provided landlords meet other program requirements, they are eligible for a loan up to 5 years.
Loan approvals are based on standard commercial lending guidelines and those required by the CHSA funding source.

Provided that funds are available, CHSA’s standard rental property improvement loan programs have the following terms and match requirements:

HUD Designated Low-and Moderate-Income Neighborhoods

CHSA loan will be a 1st or 2nd lien only
Up to $20,000 per dwelling unit
$500 Loan Servicing Fee
Up to 6% interest
Term-up to 5 years
Estimated payment $386.66 ($20,000 at 6% for 60 mos.)
Owner will pay for loan servicing fee and all closing costs from private funds
Minimum $1 CHSA to $1 Landlord Match Requirement

Example: The owner of a unit would be eligible for up to $40,000 through the Rental Property Improvement program as long as the landlord invests at least $40,000 of his or her own funds (bank loan, cash, etc). The landlord is required to spend his/her money first.

Other Neighborhoods

CHSA loan will be a 1st or 2nd lien only
Up to $10,000 per dwelling unit
$500 Loan Servicing Fee
Up to 6% interest
Term-up to 5 years
Estimated payment $193.33 ($10,000 at 6% for 60 mos.)
Owner will pay loan servicing fee and all closing costs from private funds
Minimum $1 CHSA to $2 Landlord Match Requirement

Example: The owner of a duplex would be eligible for up to $20,000 through the Rental Property Improvement program as long as the landlord invests at least $20,000 of his or her own funds (bank loan, cash, etc). The landlord is required to spend his/her money first.

Tenant Income Guidelines*

Family Size	Tenant Income Limit
1	$51,750
2	$59,150
3	$66,550
4	$73,900
5	$79,850
6	$85,750
7	$91,650
8	$97,550

*as of June 2024

Note: Landlords must provide tenants’ income if unit(s) is occupied at the time of application.

Rent Controls*

Monthly Rents Are Capped At:
1-bedroom apartment	$1,287
2-bedroom apartment	$1,445
3-bedroom apartment	$1,967
4-bedroom apartment	$2,306

*as of June 2024

The Role of Your Construction Specialists

Based on the high standards set through our Rental Property Improvement Program, experienced construction specialists will be assigned to work with you throughout the application process and your renovation completing each of following steps:

Step One (Pre-Application): Performing a thorough inspection of the property, identifying any problem areas

Step Two (Pre-Application): Reviewing each owner’s scope of work to be completed (a list of the work that needs to be done) with them as well as helping them obtain cost estimates from the owner’s contractor(s).

Note: The scope of work document and accompanying costs estimates are very important and must be included when submitting an your application for a Rental Property Improvement loan.

Step Three (Post-Approved Application): Once the work starts, the construction specialist will make periodic inspections to make sure the work being performed meets all program requirements.

Resources