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| April 25, 2024, City Council Regular Meeting | |
| Title 25. Authorize the Approval of a Resolution Authorizing the Community Housing Services Agency, Inc. (CHSA) to Make a $1,230,000 Loan from the Savannah Affordable Housing Fund in Support of a 2024 LIHTC Application to Develop 41 Affordable Housing Apartments on Vacant Land at 1700 Drayton Street and 104 E. 34th Street. | |
| Strategic Priority Neighborhood Revitalization | |
| Description Resolution authorizing a $1,230,000 loan from the Savannah Affordable Housing Fund (SAHF) in support of a 2024 Low Income Housing Tax Credit application for the development of 41 affordable housing apartments on vacant properties located a 1700 Drayton Street and 104 E. 34th Street, Savannah, Georgia. If awarded tax credits, this loan is expected to leverage approximately $15,110,000 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 Services Department | |
| Financial Impact $1,230,000 | |
| Review Comments | |
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Attachments Exhibit 1: Resolution Favorable Financing Support 1700 Drayton 2024 LIHTC Application |
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