Number of Units: 60
Total Development Cost: $12,285,161
Development Type: 9% LIHTC / PBV
Canton Housing Authority / MS Regional Housing Authority VI
Project Type: Rehabilitation / New Construction
1st Mortgage: $4,520,000
Developer Fee: $834,822
Cash Flow: $58,552
Total Sources: $12,285,161
The Woodcreek Homes, LP has begun the rehabilitation and new construction of Woodcreek Homes. Woodcreek Homes is an affordable development nestled in a wooded area with 60 units, 36 new construction, and 24 rehabilitation, that will be available to residents for homeownership. This is a family development that will also serve a person with disabilities. This project is part of the city of Canton revitalization efforts and the County of Madison revitalization efforts.
There will be homeownership and counseling and credit counseling for all the residents annually to prepare for homeownership conversion. The development will be constructed utilizing sustainability technology and will have a silver Leed Status upon completion. The project will have site amenities that include a volleyball court, playground, clubhouse, and exterior security. The project unit amenities include washer and dryer, ceiling fans in the bedrooms and living area, brick veneer, architect shingles, and energy efficient windows. There will be increased supportive services provided for the residents.
This project is under construction and is expected to be completed in May 2019.