Woodcreek Homes and Groundbreaking

Woodcreek Homes is an affordable development nestled in a wooded area with 60 units, 36 new construction and 24 rehabilitation, that will be available to residents for homeownership. This is a family development that will also serve persons with disabilities. The project is part of the city of Canton’s and Madison County’s revitalization efforts. Woodcreek Homes has been developed by a partnership of BGC Advantage, Mississippi Regional Housing Authority VI (MRHA VI) and Canton Housing Authority.

The development will be constructed utilizing sustainability technology and will have a Silver Leed Status upon completion. The project will have site amenities that include a volleyball court, playground, club house, and exterior security. In-unit amenities will include washer and dryer, ceiling fans, brick veneer, architectural shingles, and energy efficient windows.

There will be increased supportive services provided for the residents. Homeownership counseling and credit counseling will be offered to all residents annually. MRHA VI is providing project based vouchers, and Canton Housing Authority sold their 24 units from an acquisition activity to the project.

Woodcreek Homes represents the first time that two public housing agencies have worked together to complete a 9% tax credit project. MRHA VI and Canton Housing Authority have worked with developer BGC Advantage to complete this project with phases planned to address the needs of the surrounding neighborhood.

The total project cost is $12,285,161, leveraging private equity from CREA and with debt provided by Origins Bank. Mississippi Home Corporation approved 9% low income housing tax credits.

The project rehabilitation is expected to be completed this fall, and the new construction and site amenities will be completed in May 2019.