Co-developers Woda Cooper Companies, Inc. and Parallel Housing, Inc. held a Grand Opening today for Carmichael Commons, a $18.2 million, 60-unit townhome community recently completed at 1202 Currybury Drive in Madison. The event also celebrated Prior Farms, an $18.5 million 40-unit single-family rental community now under construction on adjoining land. In addition, the event recognized plans for a new park that will be created by the City of Madison on 4-acre parcel donated by the developers next to the Carmichael Commons site.
Representatives from the Georgia Department of Community Affairs (GA DCA) and U.S. Bancorp Impact Finance joined officials fromthe City of Madison, including Mayor Fred Perriman, to participate in the celebration with the co-developers and other invited guests.
“Madison is fortunate to have solid housing partners like Woda Cooper, who invest in our local community and provide affordable options,” said Madison Mayor Fred Perriman. “This helps some of those folks who work in our community have the opportunity to live here.” As Georgia Municipal Association president, Mayor Perriman has seen a lot of communities across the state struggle with housing. He shared, “that as our labor force faces increasing challenges in both rental and ownership markets, Woda Cooper is addressing a crucial part of this equation.”
Carmichael Commons provides eight one-bedroom, 32 two-bedroom, and 20 three-bedroom townhomes, with units reserved for residents with household incomes up to 50% and 60% of the area median income. Six units are offered at market rate without income restriction. The townhomes feature spacious floor plans with plenty of storage, contemporary finishes, and modern kitchens with ENERGY STAR appliances, including dishwashers. Each townhome has a washer/dryer closet with hookups and there are accessible units for those with disabilities.
Community amenities for Carmichael Commons include a stand-alone onsite management center with a leasing office plus a multipurpose room with kitchenette, a central laundry, a fitness center, mail center, and a computer room. There is also a covered pavilion with picnic/BBQ facilities, a playground, community gardens, and a dog park.
The second phase, Prior Farms, is located next to Carmichael Commons at 1001 Harrow Road. The development includes four one-bedroom homes, 20 two-bedroom homes, and 16 three-bedroom homes. All homes are single-level buildings with covered front porches and backyard patios with storage units. All have washer/dryer hookups. There are homes designed with features for renters with mobility and sight/hearing disabilities. Thirty-six affordable single-family homes are reserved for renters with household incomes up to 60 percent of area median income. Four homes will be offered at market rate without income restrictions.
Prior Farms will have a stand-alone community center with a management office with a community room with kitchenette, a computer room, a laundry, and a mail center.
“Carmichael Commons and Prior Farms will bring excellent new options for affordable housing in Madison that will offer space and amenities suited for families with children, along with units for singles or those with disabilities,” said Denis Blackburne, Senior Vice President – Development for Woda Cooper Companies. “In addition, there are many community amenities and outdoor spaces that contribute to the quality of life for residents.”
Primary financing for Carmichael Commons and Prior Farms was supported through federal and state Low-Income Housing Tax Credits allocated by the GA DCA. “The completion of Carmichael Commons highlights the importance of strategic investments in affordable housing,” said Denise Farrior, Division Director of the Housing Finance Development Division, GA DCA. “This development reflects how the Housing Tax Credit program can expand housing opportunities and strengthen communities like Madison through effective public-private collaboration.”
U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, purchased both the federal and state tax credits to provide equity financing for both developments. “We believe everyone deserves a place to call home and are proud to help finance both Carmichael Commons and Prior Farms, bringing a combined 90 units of affordable housing to the Madison community,” John Lisella, U.S. Bancorp Impact Finance Affordable Housing Business Development Officer. “Our financing not only helps increase the availability of affordable housing but helps build a foundation of financial stability for the individuals and families who live here.”
Cedar Rapids Bank & Trust (CRBT) is providing a permanent mortgage for Carmichael Commons and Prior Farms. “Our mission as a lender is focused on supporting neighborhoods and communities like Madison as they support a range of housing choices for their residents. We are pleased to work with our longtime partners Woda Cooper Companies, and their co-developer Parallel Housing, to provide mortgage financing for Carmichael Commons and Prior Farms,” said Michael J. Goerdt, Vice President, Specialty Finance Group, CRBT.
Architect for Carmichael Commons and Prior Farms is Pimsler Hoss Architects, Inc. with civil engineering by Crescent View Engineering, LLC. Woda Construction, Inc. is the general contractor. Leasing and property management is performed by Woda Management & Real Estate.
About Parallel Housing, Inc.
Parallel Housing, Inc. is a nonprofit developer based in Athens, GA, and dedicated to the development of sustainable, affordable multifamily housing for seniors and families. Founded in 2002, Parallel Housing currently has twenty five properties operating or in development in Georgia, Kentucky, Indiana, South Carolina, Iowa, and Ohio.
