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| April 13, 2023 City Council Regular Meeting | |
| Title 24. Authorize Community Housing Services Agency, Inc. (CHSA) to Make a $1,260,000 Loan from the Savannah Affordable Housing Fund in Support of a 2023 LIHTC Application to Develop 42 Affordable Housing Apartments on Vacant Land at 1700 Drayton Street and 104 E. 34th Street. | |
| Strategic Priority Neighborhood Revitalization | |
| Description This request is to authorize the Community Housing Services Agency, Inc. (CHSA) to make a $1,260,000 loan from the Savannah Affordable Housing Fund (SAHF) in support of a 2023 Low Income Housing Tax Credit (LIHTC) application for the development of 42 affordable housing apartments on vacant properties located at 1700 Drayton Street and 104 E. 34th Street, Savannah, Georgia. If awarded tax credits, this loan is expected to leverage approximately $13,250,000 in additional financing. Adoption of this Resolution will result in the award of three (3) points in support of the highly competitive application for Statewide housing tax credits. Without these and 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 and Neighborhood Services | |
| Financial Impact Expenditure of $1,260,000 from the Savannah Affordable Housing Fund | |
| Review Comments | |
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Attachments Exhibit 1: Favorable Financing Resolution of Support 1700 Drayton 2023 |
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