The Problem:
There is a severe shortage of affordable housing in Savannah, GA.
- Currently more than 21,000 families in Savannah cannot afford quality housing. That means that more than 40% of households in Savannah are paying more than 30% of their total income for housing (Savannah Housing Task Force).
- There are more than 7,000 low income families paying more than half of their monthly income towards rent (2014-2018 American Community Survey).
- Not having access to safe, decent and affordable housing greatly impacts mental health, workers' ability to find and maintain jobs, and childrens’ ability to succeed in school.
- The creation of affordable housing is not profitable or attractive to developers because
it does not generate enough profit to offset the costs of building and maintaining said housing.
A Potential Solution:
Across the country, cities are using affordable housing trust funds to solve the
affordable housing crisis. These funds leverage investments and work to bridge the gaps
between income and housing costs, making affordable housing attractive to developers.
Successful Affordable Housing Trust Funds:
- Have a dedicated source of funding from the city
- Provide and create long-term affordable housing, not individual assistance
- Target families making less than 80% of the Area Median Income
- Have an active advisory board and receive regular community input
The Savannah Affordable Housing Fund (SAHF):
- Has been in place since 2012 and has primarily focused on providing individual assistance to renters and homeowners making up to 120% of the Area Median Income
- The Housing Savannah Task Force, which was put together by Mayor Van Johnson, recommended increasing annual investments in the Fund to $12.5 million a year by 2032.
- In 2022, the city put $19M in federal funding towards housing. $7M was allocated towards the SAHF. More than half of this $7M will be used to help 72 individuals experiencing homelessness.
We believe: Greater investments are needed to address the full scale of this problem.