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| April 9, 2026 City Council Regular Meeting | |
| Title 17. Resolution Authorizing Community Housing Services Agency, Inc. to Loan $2,000,000 from the Savannah Affordable Housing Fund to the Savannah Gateway Gardens Limited Partnership in Support of its 2026 Low-Income Housing Tax Credit Application for the Development of 78 Apartments on Portions of Vacant Property Known as 21 Edinburgh Street and 946 Rockefeller Street Located in Aldermanic District 2, Savannah, Chatham County, Georgia (Housing Services) | |
| Strategic Priority GOAL 2: Invest in Equitable Community Development & Resiliency | |
| Description Adoption of this Resolution authorizes a $2,000,000 Favorable Financing loan from the Savannah Affordable Housing Fund (SAHF) in support of the Low Income Housing Tax Credit (LIHTC) application for this proposed housing development. The SAHF loan is only made if the project is approved by the State of Georgia Department of Community Affairs (DCA) for LIHTCs in 2026. The SAHF loan earns the application three valuable and needed points in DCA’s statewide LIHTC competition. If LIHTCs are awarded, the SAHF loan and sale of tax credits will enable the developer to secure approximately $27,012,500 to construct 78 much needed new affordable apartments that are income and rent restricted for 30 years. The proposed development will be located on vacant land owned by the Housing Authority of Savannah along Wheaton Street between Dundee Cottages and Waters Avenue. | |
| Recommendation Approval | |
| Contact Martin Fretty, Director, Housing Services | |
| Financial Impact $2,000,000 loan from the SAHF | |
| Review Comments | |
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Attachments Exhibit 1: SAHF Gateway Gardens Limited Resolution.pdf |
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