woodcreek homes

Leasing Office

708 Mace Street, Canton MS
601-855-5929

New Construction

New Clubhouse

Rehabilitation

DETAILS:

Number of Units: 60
Total Development Cost: $12,285,161
Development Type: 9% LIHTC / PBV
Development Partner: Canton Housing Authority
MS Regional Housing Authority VI
Project Type: Rehabilitation / New Construction
Construction Jobs: 185
Permanent Jobs: 5

SOURCES:

1st Mortgage: $4,520,000
Equity: $6,871,787
Developer Fee: $834,822
Cash Flow: $58,552

Total Sources: $12,285,161

PROJECT NARRATIVE:

The Woodcreek Homes, LP has completed 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 is now available to residents for homeownership. This is a family development that can also serve a person with disabilities. This project is part of both the city of Canton and Madison county revitalization efforts.
There will be homeownership and counseling and credit counseling for all the
residents annually to prepare for homeownership conversion.

Amenities & Upgrades:

  • Volleyball court
  • Playground
  • Clubhouse
  • Exterior security
  • Washers/Dryers
  • Ceiling fans in bedroom/living area
  • Brick veneer
  • Sustainable silver Leed Status

PROJECT PARTNERS

Developer:
BGC Advantage

PHA:
Canton Housing Authority

Architect:
Rory McKean                     

General Contractor:
Olympia Construction                           

Management Company:
Standard Enterprises

Financial Partners:
CREA
Trustmark Bank
ECDC Hope
MS Home Corp

UNIT COUNTS & RENTAL RATES (60 Total)

Woodcreek Homes - 60 Units

2 Bedroom  |  Units: 17
Contract Rent: $867

3 Bedroom  |  Units: 29
Contract Rent: $1090

4 Bedroom. |  Units: 14
Contract Rent: $1294