Canaan Crossing. Image courtesy of Parallel Housing
Co-developers Parallel Housing and Woda Cooper Cos. Inc. have opened Canaan Crossing, a 60-unit fully affordable community in Madison, Ga.
Moseley Architects designed the project, Imery Ratings performed sustainability consulting and Woda Construction Inc. was the general contractor. Woda Management & Real Estate will manage and lease the property.
The community is designated for residents earning up to 60 percent of the area median income.
Financing for the $14 million property includes a low interest HOME loan, credit allocation, federal and Low-Income Housing Tax Credits from the Georgia Department of Community Affairs. According to Yardi Matrix data, in 2020 the community became subject to a $8.8 million construction loan originated by Summit Community Bank, and a $1.3 million loan originated by Georgia Housing and Finance Authority. CREA LLC, an affordable housing financier, invested in the allocated tax credits in exchange for equity financing.
LEED for Homes Gold Certification
The development is seeking LEED for Homes Gold Certification. President of Parallel Housing Gregg Bayard said in prepared remarks that the company will use Transferable Development Rights to preserve green space in Madison and provide for increased development density.
The property encompasses six buildings with eight one-bedroom, 32 two-bedroom and 20 three-bedroom apartments ranging between 711 and 1,132 square feet. Common-area amenities include a playground, community gardens, a community room, a covered picnic area and a laundry facility. In-unit amenities consist of washers and dryers, ENERGY STAR appliances and efficiency HVAC systems.
Canaan Crossing will also have a dedicated space for a monthly nutrition and wellness education program.
Downtown Development Authority has provided a long-term lease for the land where the property has been developed. Canaan Crossing is located at 1200 Wheat St., in the Canaan historic neighborhood. The community is also near Route 83 and Route 441, close to multiple dining options and retail centers.
Recently, Woda Cooper Cos. has opened a 50-unit affordable senior housing community in Hickory, N.C. Center Crossing is designated for tenants earning between 40 and 80 percent of the area median income.
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