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| May 12, 2022 City Council Regular Meeting | |
| Title 35. Approval of a Resolution Authorizing the Community Housing Services Agency, Inc. (CHSA) to Make a $560,000 Loan from the Savannah Affordable Housing Fund in Support of a 2022 LIHTC Application to Preserve and Renovate 88 Affordable Housing Apartments at Heritage Place Apartments in the Cuyler-Brownville Neighborhood. | |
| Strategic Priority Neighborhood Revitalization | |
| Description A Resolution authorizing a loan from the Savannah Affordable Housing Fund (SAHF) in support of a 2022 Low Income Housing Tax Credit (LIHTC) application to preserve and renovate 88 affordable housing apartments, known as Heritage Place Apartments, in the historic Charity Hospital and Florance Street Elementary School buildings located in the Cuyler-Brownville neighborhood, Savannah, Georgia. If awarded LIHTC, this loan will help leverage approximately $14,400,000 in other favorable financing and tax credit equity. Adoption of this Resolution will result in the award of two (2) points in support of the highly competitive application for Statewide housing tax credits. Without these other points that the City can assist with, the application becomes less competitive and may not be awarded. | |
| Recommendation Approval | |
| Contact Martin Fretty, Senior Director, Housing & Neighborhood Services | |
| Financial Impact $560,000 from the Savannah Affordable Housing Fund | |
| Review Comments | |
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Attachments Exhibit 1: Resolution - Support of Favorable Financing for Heritage Place Apts 2022 LIHTC Application.pdf |
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