Council hears TBG request for $500,000 loan and GIC point as part of senior LIHTC bid; formal votes set for April 17

TBG Residential representatives returned to the Canton City Council on April 3 to seek city support for the Summit at Hickory Creek, a proposed 96‑unit affordable senior housing project. TBG asked the city to authorize a $500,000 loan and to award the city’s single GIC point to strengthen the project's low‑income housing tax credit (LIHTC) application.

City staff and TBG emphasized the loan would be structured so the Canton Housing Authority administers the city funds and the loan is repayable to the city. TBG said the $500,000 contribution is similar to its request last year and is intended to provide one additional scoring point in Georgia Department of Community Affairs (DCA) 9% LIHTC allocations. TBG said $500,000 equates to roughly $5,000 per unit on a 96‑unit project and that comparable contributions in other cities have been larger.

Speakers in public comment supported the project. Kendall Jones described a documented local need for senior affordable housing and urged council to approve the loan when it appears on the April 17 agenda. Council members discussed funding source questions: staff said the loan would come from general‑fund cash that includes prior ARPA receipts absorbed into the general fund and that the city previously used ARPA funds for a similar loan in 2024.

Council also discussed the GIC point: staff noted the city has one GIC point to award before the DCA submission deadline (May 16) and reported two formal requests for the point this year (TBG and another applicant, Infill Housing Incorporated for Lakeview Apartments). Staff presented a draft rubric for awarding the point and told council the award must be made before the DCA deadline. Council did not take final action on April 3; staff and applicants will return for formal decisions at upcoming meetings.