On December 19, 2024, the Mayor and Aldermen authorized the use of Savannah Affordable Housing Funds (SAHF) and associated funding to facilitate the construction of 16 new 2-bedroom affordable apartments with a supportive service center and parking area for families and people experiencing, exiting and/or at risk of homelessness on four vacant lots in the victorian neighborhood that were transferred to the Chatham County/City of Savannah Land Bank Authority. The lots and improvements are collectively known as 916 Martin Luther King, Jr. Boulevard (the Property). Construction is complete and the Property is ready for occupancy. CHSA Development, Inc. established a limited liability corporation, 916 MLK LLC, subsidiary to purchase the completed Property and to Partner with a local non-profit homeless service provider to manage the property, lease apartments, and provide residents with supportive services.

Resident rents are expected to be substantially below market rents for newly built housing in the neighborhood. Initial rents will be $1,400 a month, not to exceed HUD published Fair Market Rents, and not to increase more than 3% annually unless otherwise approved by CHSA and the City of Savannah. The non-profit homeless service provider operating the Property will prioritize use of the Coordinated Entry System to identify qualified renters. This gives families and people in need of housing who are served by other non-profit homeless service providers an opportunity to be considered for an apartment. Renter household incomes will be at or below 80% of the area median income. Rents paid will help pay for operating and service delivery costs.

This Resolution also authorizes 916 MLK LLC to use up to $6,000,000 from the Savannah Affordable Housing Fund and/or other funding sources to purchase the Property. Other funding sources may include a $1,500,000 Federal Grant to the City secured by Senator Rafael Warnock and a $1,500,000 social impact loan provided by the CIVIS non-profit organization.

Approval