Sixty new affordable housing units for families to be built in Madison
A virtual Groundbreaking to mark the start of construction for Canaan Crossing, a new 60-unit multifamily affordable housing community from Woda Cooper Companies, Inc. and Parallel Housing, Inc., was released today. Canaan Crossing will be available for families earning up to 60 percent area median income. It will consist of townhomes and apartments in a campus-like setting at the corner of Wheat Street and March Street in the Canaan historic neighborhood in Madison.
“As our County and City add jobs and grow gracefully, more workforce housing is essential,” said Madison’s Mayor Fred Perriman. “We have high expectations for the affordable family housing development Canaan Crossing from Parallel Housing and Woda Cooper Companies after seeing excellent results at their earlier senior housing development, Silver Lakes.”
City urban renewal agency Downtown Development Authority will provide a long-term lease for the land where Canaan Crossing is located in an effort to boost economic development in the area. The development is within a mile of many retail outlets, restaurants, medical facilities, churches, recreational and public community buildings.
“We are very appreciative to the Madison Downtown Development Authority for providing the opportunity to develop our second affordable housing property in Madison,” notes Gregg Bayard, President of Parallel Housing, Inc.
Canaan Crossing will be comprised of six buildings with an attached green space and situated around a large green space. The energy-efficient development, expected to be certified LEED for Homes Gold, will offer eight one-bedroom, 32 two-bedroom, and 20 three-bedroom units. Each unit will have a high-efficiency HVAC system; ENERGY STAR kitchen appliances, including dishwashers; washer/dryer hookups; and high-quality finishes such as luxury vinyl tile. Outdoor amenities will include a playground, community gardens, and a covered picnic area with tables and grills. Community amenities include an onsite management/leasing office, multipurpose room with kitchenette, and laundry facility. In addition, there will be dedicated space available to provide private preventive health screening & wellness programs to the residents.
“Canaan Crossing will bring an attractive, affordable housing option to accommodate needs for younger families, singles, and seniors,” said Denis Blackburne, Senior Vice President, Woda Cooper Companies, Inc. “Its location is convenient for accessing shopping, professional services, and many jobs in the immediate area.”
Bayard emphasized the new development’s green features: “As with our first development Silver Lakes, Canaan Crossing will be seeking LEED for Homes Gold Certification and will be utilizing Transferable Development Rights (TDR's) to both permanently preserve green space in Madison while providing for increased development density.”
Funding for the $13 million property is supported through the allocation of federal and state Low-Income Housing Tax Credits (LIHTC) by the Georgia Department of Community Affairs (DCA). In addition to the credit allocation, Canaan Crossing was awarded a DCA HOME loan. Jill Cromartie, DCA’s Division Director for Housing, Finance & Development, participated in the event.
“Safe, affordable housing is so important to building vibrant communities, and the housing tax credits enable DCA to support such great work in a place like Madison,” said DCA Commissioner Christopher Nunn in a written statement. “The unique partnership of Madison’s Downtown Development Authority was essential to making Canaan Crossing happen. On behalf of DCA, I am immensely proud to have played a part in this important endeavor.”
CREA, LLC invested in the allocated tax credits in exchange for equity financing to assure long-term affordability for Canaan Crossing. “We are proud to break ground and eventually the opportunity to welcome residents to Canaan Crossing, which will alleviate the burden many working families face when it comes to affordable living in Georgia,” noted CREA’s Mike Boyle, Senior Vice President, Acquisitions, also in a written statement. “Woda Cooper Companies has a track record of producing stunning products, delivered on-budget and on-time. The community will benefit from their experience and expertise for years to come.”
A construction loan was provided by Summit Community Bank. “Summit Community Bank is dedicated to our communities and proud to help provide construction financing for the Canaan Crossing project. We look forward to the development of Canaan Crossing, as it provides a secure, affordable, and convenient housing option that supports our neighbors and their families in Madison,” added Jason Hicks, SVP Commercial Lending Summit Community Bank.
For more information about Canaan Crossing, visit www.wodagroup.com or call 229-254-0361 OR 614-396-3200.