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
