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Savannah council approves $4.5 million in Affordable Housing Fund loans for preservation and development
Summary
Council approved three loans from the Savannah Affordable Housing Fund—$2 million to Savannah Gateway Gardens, $2 million to Mercy Housing Southeast, and $500,000 to Sustainable Feldwood One—to support low-income housing tax credit projects and preservation of hundreds of apartments.
The Savannah City Council on April 9 approved three resolutions authorizing loans from the Savannah Affordable Housing Fund to support development and preservation projects tied to 2026 low-income housing tax credit applications.
Alderman Nick Palumbo moved approval of the three loans, which passed by voice vote. The authorized loans are: $2 million to Community Housing Services Agency Incorporated to loan to Savannah Gateway Gardens Limited Partnership to support a 78-apartment LIHTC application for property at Edinburghough Street and Rockefeller Street; $2 million to Mercy Housing Southeast to support substantial rehabilitation of 70 apartments at Heritage Corner and Row in the Kyler Brownville neighborhood; and $500,000 to Sustainable Feldwood One Limited Partnership to preserve and rehabilitate 110 apartments at Sustainable Felwood 1 on Felwood Drive.
Council members were asked whether they had comments; no substantive amendments were recorded during the motion and votes. The resolutions direct the Community Housing Services Agency to make the loans from the Savannah Affordable Housing Fund in support of applicants preparing 2026 LIHTC submissions.
Next steps: the loans are intended to strengthen applicants' financing packages for 2026 tax-credit rounds and to support preservation and rehabilitation of targeted affordable units; project approvals remain subject to the loan documents and the applicants' successful tax-credit awards.
