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| May 8, 2025 City Council Regular Meeting | |
| Title 21. Authorize Community Housing Services Agency, Inc. (CHSA) to Make a $500,000 Loan from the Savannah Affordable Housing Fund in Support of a Parallel Sustainable Fellwood-I LP 2025 LIHTC Application for the Preservation and Rehabilitation of 110 Apartments at the Property Known as Sustainable Fellwood-I, 1401 Fellwood Drive. | |
| Strategic Priority Neighborhood Revitalization | |
| Description Resolution authorizing a $500,000 loan from the Savannah Affordable Housing Fund (SAHF) in support of a Parallel Sustainable Fellwood-I LP 2025 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, Savannah, Georgia. If awarded tax credits, this loan is expected to leverage approximately $19,822,723 in additional financing. Adoption of this Resolution will result in the award of one point 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. | |
| Recommendation Approval | |
| Contact Martin Fretty, Senior Director, Housing Services Department | |
| Financial Impact $500,000 - Savannah Affordable Housing Fund | |
| Review Comments | |
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Attachments Exhibit 1: Sustainable Fellwood Phase I 2025 LIHTC SAHF Favorable Financing Resolution |
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