Council approves $500,000 loan commitment and awards local GICH point for proposed senior affordable project

The council voted to commit a $500,000 loan, delivered through the Canton Housing Authority, to support TPG Residential's Low-Income Housing Tax Credit (LIHTC) application for the Summit at Hickory Creek project. Staff confirmed the funds identified for the loan are ARPA funds and that the request mirrors a prior commitment the council approved for a different age-restricted project.

Mr. Patton explained the loan would be routed through the Canton Housing Authority and that the loan would only be provided if the applicant secures tax-credit award and completes required approvals (Georgia Department of Community Affairs and HUD). The application deadline was stated as May 16 with awards expected in October or November.

Council also considered the city's single annual Georgia Initiative for Community Housing (GICH) point and, on staff recommendation, voted to award that point to TPG Residential to help the project's scoring in the competitive LIHTC review.

Motions: a council member moved to approve the $500,000 loan commitment for TPG Residential; that motion passed with all members voting in favor. A subsequent motion to award the city's GICH point to TPG also passed unanimously.

Ending: City staff will return with formal loan documents through the Canton Housing Authority; council and staff noted that the loan is a funding commitment to strengthen TPG's LIHTC application and that actual loan disbursement would follow required approvals and closing processes.