Development for former fairgrounds property pushes forward
SAVANNAH, Ga. (WSAV)—A new tax credit is helping residents to learn more about the City of Savannah's plans to develop low-income housing.
The developer working on the former fairgrounds property on Meding Street was awarded a 9% low-income housing tax credit from the Georgia Department of Community Affairs. Savannah Mayor Van Johnson said it will hopefully pave the way for much needed housing.
"This tax credit is crucial for the construction of 64 affordable apartments for senior citizens on a portion of the fairgrounds property," Johnson said.
Johnson added that it wasn't an easy process. This award comes after the developer did not score high enough to receive the grant in 2023, which caused the project to come to a standstill.
To get over that hurdle, in April council approved a resolution allowing a $1.9 million loan from the Savannah Affordable Housing Fund for the tax credit award application.
"As we know, that loan helped make our bid more competitive," Johnson said. "This loan garnered the application three crucial points in the process."
He said without those three points, the application would have not received enough points to succeed. The redevelopment will be completed in phases.
The city will host a virtual meeting Thursday, Sept. 17 at 7 p.m. to let the public know about this project.
City staff said they anticipate a new zoning ordinance addressing the fairgrounds property will be before the Metropolitan Planning Commission on Sept. 24.
