Georgia Ports Authority pledges $6 million for affordable housing in Savannah area

2024-12-26 08:46:49 source:lotradecoin NFT marketplace features category:Markets

SAVANNAH, Ga. (AP) — The Georgia Ports Authority will donate $6 million in coming years to improve affordable housing options in Savannah and neighboring communities, officials said Tuesday.

The cash infusion to the Savannah Affordable Housing Fund will be the largest outside contribution to the fund since its founding 12 years ago, city officials said in a news release.

The ports authority is a state agency that operates Georgia’s busy seaports in Savannah and Brunswick. The Port of Savannah is the fourth-busiest U.S. port for retail goods and other cargo shipped in containers.

Funding from the ports authority will primarily go toward home repairs for low- and middle-income residents, as well as down payment assistance for qualifying first-time homebuyers in Savannah, Garden City and Port Wentworth — cities that are home to much of the Savannah port’s workforce.

“These hard-working people have helped make our successes possible, and it is our duty to help them make their housing dreams attainable,” Georgia Ports Authority CEO Griff Lynch said in a statement.

The Savannah Affordable Housing Fund was started by city officials in 2011 to support the development and protection of affordable housing in the area. The port authority plans to contribute $750,000 per year to the fund over the course of eight years.

More:Markets

Recommend

Stock market today: Asian shares advance, tracking rally on Wall Street

BANGKOK (AP) — Shares advanced Thursday in Asia after Wall Street resumed its upward climb, as an up

The Reason Jenn Tran and Devin Strader—Plus 70 Other Bachelor Nation Couples—Broke Up After the Show

Jenn Tran’s journey to find love on The Bachelorette didn’t bloom as she had hoped. Because after pr

US job openings fall as demand for workers weakens

WASHINGTON (AP) — America’s employers posted fewer job openings in July than they had the previous m