MADISON, GA. — Woda Cooper Co. and Parallel Housing Inc. have broken ground on Canaan Crossing, a new 60-unit, $13 million affordable housing community in Madison. The property will be located at the corner of Wheat and March streets in Madison’s Canaan historic neighborhood.
Canaan Crossing will include 60 townhomes and apartments with -one, -two and -three-bedroom units for families earning up to 60 percent of area median income (AMI). The development is expected to be certified LEED for Homes Gold. Each unit will have a high efficiency HVAC system and Energy Star appliances, including dishwashers and washer/dryer hookups, as well as high-quality finishes such as vinyl tile. Community amenities will include a playground, community gardens, a covered picnic area with tables and grills, onsite management/leasing office and a multipurpose room with kitchenette and laundry facility. In addition, there will be dedicated space available to provide private preventive health screening and wellness programs to the residents.
The Georgia Department of Community Affairs provided funding through the allocation of federal and state Low-Income Housing Tax Credits and a HOME loan. CREA LLC invested in the allocated tax credits in exchange for equity financing to assure long-term affordability for Canaan Crossing. Summit Community Bank also provided a construction loan.
The Madison Downtown Development Authority provided a long-term ground lease for the property. Moseley Architects is the project architect. Woda Cooper’s construction division is the general contractor and its management division will operate Canaan Crossing after its opening in early 2022.
Canaan Crossing is the second affordable housing property in Madison for Woda Cooper Co. and Parallel Housing Inc. Woda Cooper is an affordable housing developer based in Columbus, Ohio. Parallel Housing Inc. is a nonprofit developer based in nearby Athens, Ga.