This request is to authorize the Community Housing Services Agency, Inc. (CHSA) to make a $1,920,000 loan from the Savannah Affordable Housing Fund (SAHF) in support of a 2023 Low Income Housing Tax Credit application for the development of up to 64 affordable housing apartments for senior citizens on about 3.8 acres of land on the old fairgrounds site located at 4801 Meding Street, Savannah, Georgia. If awarded tax credits, this loan is expected to leverage approximately $10,000,000 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 funding may not be awarded.

Approval