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Developers present plan to renovate Colbert Square, council to consent to housing authority bond next week
Summary
Developers told the Woodstock mayor and council that they plan to renovate the 70-unit Colbert Square senior property, add 20 units and use project-based vouchers; council will be asked next Monday to consent to Canton Housing Authority bond issuance to finance the work.
Developers and city staff briefed the Woodstock mayor and council on plans to renovate Colbert Square, an existing senior housing development, and to add 20 units; council was told it will be asked next Monday to approve a consent resolution allowing the Canton Housing Authority to issue bonds for the financing.
The presentation explained why the project is being structured with project-based vouchers awarded by the Georgia Department of Community Affairs and how that change improves the financing and leasing prospects. City staff said the consent resolution before council would be limited to authorizing the housing authority to issue the bonds and would carry no recourse against Woodstock.
Mark Kemp, president of Rebuild America Inc., described the property and…
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