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Council approves $500,000 loan agreement with Canton Housing Authority to support TBG LIHTC application
Summary
Council approved an agreement to authorize a $500,000 loan from the Canton Housing Authority to TBG Residential for its Low-Income Housing Tax Credit (LIHTC) application, with the mayor authorized to sign. The loan requires the project to obtain permitting within 24 months after award, and the agreement removed prior ARPA references.
The Canton Mayor and Council voted to approve an agreement with the Canton Housing Authority to provide a $500,000 loan to TBG Residential to support the company’s application for Low-Income Housing Tax Credits (LIHTC).
City staff said the agreement mirrors last year’s document with two changes: references to ARPA funding were removed because ARPA funds are closed out, and a new condition requires the TBG project to obtain permitting within 24 months after receipt of any LIHTC award and Department of Community Affairs approvals. Mr. Peppers told council the housing authority’s team had reviewed the agreement and was awaiting signatures from its board.
Councilmember Thome moved approval and a second was recorded; the mayor announced that all members voted for the motion. The council authorized the mayor to sign the agreement so the housing authority and TBG could meet the Low-Income Housing Tax Credit application deadline of May 16.
No additional city appropriation beyond what was previously discussed was noted at the meeting; staff said the same agreement had been committed at the prior meeting and that both the city council and the housing authority would need to enact the agreement.
