Resolution authorizing the City Manager to terminate and replace City of Savannah Affordable Housing Limited Warranty Deed Restrictions with State of Georgia Department of Community Affairs (DCA) Low-Income Housing Tax Credit (LIHTC) Affordable Housing Deed Restrictions is necessary to avoid conflicting and duplicative Affordable Housing Deed Restrictions and for the developer to obtain the LIHTCs.  The LIHTCs enable the Developer to access approximately $20M LIHTC and other financing necessary to construct 41 apartments that will be rented to households with incomes at or below 50% of the Area Median Income for 30 years.  Renters will pay no more than 30% of gross annual income toward rent and 29 apartment residents will quality for rental assistance vouchers.  The City sold the two lots to the developer in 2021 and approved a $1.23M Savannah Affordable Housing Fund loan in support of the DCA LIHTC application to help the developer secure highly competitive statewide LIHTCs.

Approval