Canton council considers $500K loan for TBG senior housing project at Hickory Creek

During the Canton City Council meeting on April 3, 2025, discussions centered on a significant request from TBG Residential for a $500,000 loan to support their low-income housing tax credit application for the Summit at Hickory Creek project. This initiative aims to provide 96 units of affordable senior housing, addressing a pressing need in the community.

TBG representatives emphasized the importance of the loan, noting that it would contribute to making their application more competitive. The requested amount translates to approximately $5,000 per unit, which is considerably lower than contributions seen in other metro areas, where cities often provide between $1 million to $2 million for similar projects. This financial support is crucial for enhancing the project's viability and ensuring that affordable housing remains a priority for seniors in Canton.

City officials expressed their commitment to supporting affordable housing initiatives, reiterating that the need for such developments has only increased. The loan would be structured through the Canton Housing Authority, ensuring that it is fully repayable to the city. This arrangement follows the precedent set last year when similar funding was allocated from American Rescue Plan Act (ARPA) funds.

In addition to the loan discussion, the council reviewed the Georgia Initiative for Community Housing (GIC) point award process. TBG Residential's request for a GIC point was one of two formal requests received this year, highlighting the competitive nature of securing funding for low-income housing projects. The council is considering implementing a more structured proposal process for future GIC point awards, similar to practices in other counties, to better manage multiple requests.

As the council prepares for further discussions and a potential vote on the loan at their next meeting, the outcomes of these deliberations will play a critical role in shaping the future of affordable housing in Canton. The city’s proactive approach to addressing housing needs reflects a broader commitment to enhancing community welfare and supporting its senior population.