|
|
| April 9, 2026 City Council Regular Meeting | |
| Title 18. Resolution Authorizing Community Housing Services Agency, Inc. to Loan $2,000,000 from the Savannah Affordable Housing Fund to Mercy Housing Southeast in Support of its 2026 Low-Income Housing Tax Credit Application for the Re-Syndication and Substantial Rehabilitation of 70 Apartments on Property Known as Heritage Corner and Row in the Cuyler-Brownville Neighborhood Located in Aldermanic District 1, 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 $15,000,000 to preserve and substantially renovate 70 affordable apartments, previously renovated with LIHTCs in the early 2000s, that are income and rent restricted. The proposed development is located generally in the 600 block of West 41st Street and the 800 and 900 blocks of West 35th Street just west of the former Florance Street Elementary School, in the Cuyler-Brownville neighborhood. | |
| Recommendation Approval | |
| Contact Martin Fretty, Director, Housing Services | |
| Financial Impact $2,000,000 loan from the SAHF | |
| Review Comments | |
|
Attachments Exhibit 1: SAHF Mercy Housing Southeast Resolution.pdf |
|
|
