Exciting Developments for Low-Income Housing in Savannah: New Tax Credit to Boost Affordable Apartments for Seniors

Exciting Developments for Low-Income Housing in Savannah

Savannah, Georgia, is buzzing with good news as a new tax credit is set to make a significant impact on the community. Residents are learning more about plans to develop low-income housing that is much needed in the area. The focus is on the old fairgrounds property located on Meding Street, which is about to undergo some exciting changes.

Boosting Affordable Housing

Thanks to the Georgia Department of Community Affairs, the developer working on this project has been awarded a 9% low-income housing tax credit. This financial boost is hoped to kickstart the construction of 64 affordable apartments for senior citizens. Savannah Mayor Van Johnson shared his thoughts on this vital initiative, expressing optimism about the future housing opportunities it could create. “This tax credit is crucial for the construction of these apartments,” Johnson said, highlighting the pressing need for affordable living options in Savannah.

A Journey to Success

The road to securing this tax credit hasn’t been easy. Just last year, the developer faced a setback when they didn’t score high enough to receive a grant, forcing the project to hit a pause button. However, things changed this spring when the Savannah City Council took action. In April, they approved a significant resolution to provide a $1.9 million loan from the Savannah Affordable Housing Fund. This strategic move was aimed at strengthening the developer’s application for the tax credit.

“As we know, that loan helped make our bid more competitive,” Johnson explained. He stressed that the loan added three crucial points to their application, which ultimately made the difference. Without those additional points, the application might not have had enough strength to succeed.

A Phased Approach

It’s important to note that the redevelopment of the fairgrounds property will occur in phases. This means the community can expect a careful and thoughtful approach to the new housing project. In fact, to keep the public informed, the city has organized a virtual meeting, which will take place on Thursday, September 17, at 7 p.m. Here, residents can join and learn more about the details of the project, ask questions, and provide input.

Looking Ahead

The city staff is also actively working to create a new zoning ordinance for the fairgrounds property, which is expected to come before the Metropolitan Planning Commission on September 24. This step will further paving the path for making the redevelopment a reality.

Community Engagement

Community engagement is a high priority for Savannah, and this project exemplifies the city’s continued commitment to addressing housing needs. Mayor Johnson has stated that the efforts to develop affordable housing will not only make a difference for senior citizens but also reaffirm Savannah’s dedication to building a robust community that supports all its residents.

As we look forward to the outcomes of these meetings and the positive changes in the housing landscape, Savannah is certainly heading toward a brighter and more inclusive future. Stay tuned for more updates, and let’s keep the conversation going as we support our city in this important initiative!