By Eric Curl
April 10, 2023 – The city is once again preparing to support proposed affordable housing projects by offering support to the developers’ bids for highly-competitive state housing tax credits.
On Thursday, the Savannah City Council will consider authorizing loans from the Savannah Affordable Housing Fund to support two applications for the low-income housing tax credits. The projects include the development of 42 affordable housing apartments on former city property at 1700 Drayton St. Coming after the failure of previous applications in 2021 and 2022, the property’s new owner says the project is dependent on the awarding of the tax credits, as reported by Savannah Agenda in March.
The $1.26 million loan is expected to leverage about $13.3 million in additional financing and adoption of the resolution of support will result in the award of three points in support of the tax credit application. Without the assistance, the application becomes less competitive and may not be awarded, according to city officials.
The second proposed loan of $1.92 million is to support the tax credit application for 64 affordable housing apartments for seniors at the former fairgrounds property at 4801 Meding St. During a workshop before the regular meeting, city staff is scheduled to update the city council on the proposed fairgrounds development, which also includes mixed-use retail, a production studio, recreational fields and public trails. As of January, negotiations were ongoing more than a year since the city council authorized the city manager to negotiate the purchase and sale agreement with P3 Venture Group for the development of the more than 60-acre site, as previously reported.
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