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| April 9, 2026 City Council Regular Meeting | |
| Title 19. Resolution Authorizing Community Housing Services Agency, Inc. to Loan $500,000 from the Savannah Affordable Housing Fund to Sustainable Fellwood I Limited Partnership in Support of its 2026 Low-Income Housing Tax Credit Application for the Preservation and Rehabilitation of 110 Apartments at the Property Known as Sustainable Fellwood-I, 1401 Fellwood Drive 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 $500,000 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 one valuable and needed point 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 $22,130,681 to preserve and renovate 110 apartments, previously developed with LIHTCs, that are income and rent restricted. The apartments are located on land owned by the Housing Authority of Savannah. | |
| Recommendation Approval | |
| Contact Martin Fretty, Director, Housing Services | |
| Financial Impact $500,000 loan from the SAHF | |
| Review Comments | |
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Attachments Exhibit 1: SAHF Sustainable Fellwood Resolution.pdf |
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