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April 25, 2024, City Council Regular Meeting
26. Authorize Community Housing Services Agency, Inc. (CHSA) to Make a $1,920,000 Loan from the Savannah Affordable Housing Fund in Support of a 2024 LIHTC Application to Develop up to 64 Affordable Housing Apartments for Senior Citizens on About 3.8 Acres of Land on the Former Fairgrounds Property Located at 4801 Meding Street.
Strategic Priority
Neighborhood Revitalization

Resolution authorizing a $1,920,000 loan from the Savannah Affordable Housing Fund (SAHF) in support of a 2024 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 $16,080,000 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 the City can assist with, the application becomes less competitive and funding may not be awarded.



Martin Fretty, Senior Director, Housing Services Department
Financial Impact
Review Comments
Exhibit 1: Resolution Favorable Financing Support 4801 Meding Street 2024 LIHTC Application
Agenda Plus