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Canton staff recommend awarding GIC point for LIHTC application to TPG Residential
Summary
City housing staff recommended awarding the city's single Georgia Initiative for Community Housing (GIC) point to TPG Residential for a 96‑unit age‑restricted Low Income Housing Tax Credit application; Canton Housing Authority is an equity partner and the application is due in May, with awards expected in fall by DCA.
At the March 5 meeting housing staff asked council to support awarding the city's one GIC (Georgia Initiative for Community Housing) point this year to TPG Residential for a project that would renovate or develop age‑restricted units and thereby improve the applicant's competitiveness for Low Income Housing Tax Credit (LIHTC) scoring.
"The city this year only received one formal request from TPG Residential," staff member Patton told the council. Patton said the Housing team recommended awarding the GIC point to TPG Residential and noted Canton Housing Authority is an equity partner in the project, which strengthens the application under the Georgia Department of Community Affairs (DCA) scoring criteria.
Patton described the LIHTC process as extremely competitive and said awards typically are announced by DCA in October or November; he said TPG's application is due in May. Council members confirmed the award could materially affect the application's success and that staff would present an action item at the next meeting for final council action.
No formal award was made at the March 5 meeting; council members asked staff to return the item for an action vote at the next meeting after confirming required documentation and scoring support.
