Previous Item Print Next Item

February 23, 2023 City Council Regular Meeting
Title
22. Adoption of a Resolution to Exempt Affordable Housing from the Payment of Development Impact Fees as Outlined.
Strategic Priority
Good Government
Description
As part of the Development Fee Impact Act, jurisdictions are permitted to exempt all or part of particular development projects from development impact fees if:
  1. Such projects are determined to create extraordinary economic development and employment growth or affordable housing;
  1. The public policy which supports the exemption is contained in the municipality's or county's comprehensive plan; and
  1. The exempt development project's proportionate share of the system improvement is funded through a revenue source other than development impact fees.
 
The City of Savannah is recommending a 25% reduction in the payment of development impact fees as follows for affordable housing, provided replacement funding is available at levels that are in conformance with the Act:
  • Housing developed using Low Income Housing Tax Credits (LIHTC) and similarly financed housing that has long term affordability requirements imposed by the federal, state, or local governments;
  • Housing properties constructed in the federally designated Opportunity Zones;
  • Housing developed using local, state or federal funds that have a deed restricted affordability period of at least 15 years; and
  • Single family or multifamily properties where:
  • Rents as defined by the U.S. Department of Housing and Urban Development that are at or below Fair Market Rents (FMRs) for a period of 15 years with deed restrictions as approved by the City Manager; or
  • Sale price of homes that are at or below 80% of Federal Housing Administration (FHA) limits for a period of 15 years with deed restrictions as approved by the City Manager.
Recommendation

Approval

Contact
Bridget Lidy, Senior Director, Planning and Urban Design
Financial Impact
N/A
Review Comments
Attachments
Exhibit 1: Proposed Resolution to Adopt the Affordable Housing Exemption Resolution - Red Line Version.pdf
Exhibit 2: Proposed Resolution to Adopt the Affordable Housing Exemption Resolution - Revised.pdf
Agenda Plus