Resolution authorizing a $2,000,000 loan from the Savannah Affordable Housing Fund (SAHF) in support of a Savannah Gateway Gardens, LP 2025 Low Income Housing Tax Credit application for the development of 86 affordable housing apartments on vacant portions of land at properties located at 21 Edinburgh Street, 806 Joe Street, and 946 Rockefeller Street, Savannah, Georgia. If awarded tax credits, this loan is expected to leverage approximately $24,878,000 in tax credit equity and additional investment.  Adoption of this Resolution will result in the award of three 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 may not be awarded.

Approval