woodcreek homes

Key Dates

Closing date: 12/21/2017
Construction completion date: 7/25/2019

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 Period Jobs: 185
Long-term Jobs Created/Maintained: 5

SOURCES:

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

Total Sources: $12,285,161

*Sources, as of closing

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’s revitalization efforts.

There will be homeownership counseling and credit counseling for all the residents annually to prepare for homeownership conversion.

Amenities & Upgrades may include:

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

PROJECT PARTNERS

Developer:
Knight Development

PHA:
Canton Housing Authority
MS Regional Housing Authority VI

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

2 Bedroom  |  Units: 17
Contract Rent: $867

3 Bedroom  |  Units: 29
Contract Rent: $1090

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

*Rents, as of closing