Adoption of a Resolution to transfer title of approximately 3.8 acres of City owned land located 4801 Meding Street to the Chatham County / City of Savannah Land Bank Authority (LBA) which will help facilitate and support the submission of a 2022 9% Low Income Housing Tax Credit (LIHTC) application to the State of Georgia, Department of Community Affairs (DCA).  If DCA approves the application, this land parcel will be developed with 80 affordable apartments for low-income senior citizens.  Development costs, roughly estimated at $16M, will be largely financed through the sale of the LIHTCs and private financing. 

The LBA will seek to enter into an Option to Lease with a qualified LIHTC developer under terms specified by DCA.  The Option to Lease will terminate and the property will be retained by the City of Savannah if the 2022 9% LIHTC application is not awarded tax credits by DCA.  The 2022 LIHTC application deadline is May with award announcement expected in November 2022.

The item is in accordance with the redevelopment of the Fairgrounds property, Housing Savannah Action Plan, and Development Plan presented to City Counicil by P3 Venture Group in 2021.

Approval