Madison, Ga. Feb. 1, 2023 — Supporters of Canaan Crossing, a new Madison housing option for households earning up to 60 percent area median income, gathered today for a grand opening and ribbon-cutting hosted by co-developers Parallel Housing, Inc. and Woda Cooper Companies, Inc. Canaan Crossing provides 60 townhomes and apartments in a campus-like setting at 1200 Wheat Street (corner of Wheat and March) in the Canaan historic neighborhood in Madison.
“The City established the Housing Opportunity Commission, trained via the Georgia Initiative for Community Housing (GICH), in order to nurture local housing initiatives,” said Madison’s Mayor Fred Perriman. “Our leadership understands a balanced community must proactively plan for affordable and workforce housing options. Madison is fortunate to have attracted a superior housing provider and very grateful for the state’s housing incentives which have transformed our local aspirations into reality. Canaan Crossing provides vitally needed workforce housing opportunities.”
Madison’s urban renewal agency the Downtown Development Authority provided 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 so appreciative of the Madison Downtown Development Authority for providing the opportunity to develop our second affordable housing community in Madison,” said Gregg Bayard, President of Parallel Housing, Inc. Parallel Housing and Woda Cooper Companies are also co-developers of the Silver Lakes Courts (senior living) and the future Carmichael Commons (multifamily townhomes).
Canaan Crossing has a large green space between six buildings. The energy-efficient development is to be certified LEED for Homes Gold, and offers eight one-bedroom, 32 two-bedroom, and 20 three-bedroom units. Each unit has a high efficiency HVAC system; ENERGY STAR kitchen appliances, including dishwashers; washer/dryer hookups; and high-quality finishes including luxury vinyl tile flooring, and contemporary cabinetry.
A community center attached to one of the buildings contains an onsite management/leasing office, multipurpose community room with kitchenette, mailboxes, and laundry facility. Outdoor amenities include a playground, community gardens, and a covered picnic area with tables.
In addition, there is dedicated space available where the Madison County Cooperative Extension-University of Georgia will facilitate a monthly nutrition and wellness education program for Canaan Crossing residents.
Bayard emphasized the new development’s green features: “As with our first development Silver Lakes, Canaan Crossing is 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,” stated Bayard.
“Canaan Crossing has brought an attractive, affordable housing option to Madison 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. We are grateful to our partners who helped us bring Canaan Crossing to fruition.”
Funding for the $14 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, DCA provided Canaan Crossing with a low interest HOME loan.
“Safe, affordable housing is so important to strong and 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.”
Affordable housing financierCREA LLC invested in the allocated tax credits, in exchange for equity financing. “CREA proudly invested in Canaan Crossing and is grateful for the opportunity to bring affordable housing to working families in Madison, Georgia,” said Mike Boyle, Senior Vice President, Acquisitions at CREA, LLC. “Beyond that, we’re proud to have partnered with Woda Cooper Companies on our 50th community together, one that will provide services to low-income households and set aside homes specifically for mobility/sensory-impaired residents. We always welcome the opportunity to work alongside partners who align with our mission, much as Woda Cooper does, and look forward to seeing residents benefit from Canaan Crossing’s community.”
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. It will provide a secure, affordable, and convenient housing option that supports our neighbors and their families in Madison,” wrote Jason Hicks, Senior Vice President-Commercial Lending at Summit Community Bank.
Project architect was Moseley Architects and sustainability consulting was performed by Imery Ratings. Woda Cooper Companies’ construction division Woda Construction, Inc. was the general contractor. The company’s management division Woda Management & Real Estate oversees leasing and property management. For more information about Canaan Crossing, visit www.wodagroup.com or call 229-254-0361 OR 614-396-3200.
Meals for Heroes
In conjunction with the Canaan Crossing event, Parallel Housing, Woda Cooper Companies, CREA LLC, and Summit Community Bank, joined forces to recognize the area’s first responders at a special event called Meals for Heroes. The event provided a complimentary catered meal from Crowe’s BBQ for area police, fire, and EMS responders.
“Madison is a vibrant town where people enjoy living and working, and we are very honored to take this opportunity to say thank you to the individuals who protect the community, day in and day out,” said Denis Blackburne, Senior Vice President, Development, Woda Cooper Companies.
“Parallel Housing is pleased to join with Woda Cooper and others to thank the men and women who work to make sure Madison remains a secure and appealing place for families to live,” said Gregg Bayard, President of Parallel Housing, Inc.
“It is a privilege to honor local first responders through the Meals for Heroes program with a catered meal to say thank you for all that they do to keep the city and residents safe and secure,” said Mike Boyle, CREA’s Senior Vice President, Acquisitions.
“We are very happy to co-sponsor Meals for Heroes and, in doing so, acknowledge the tremendous service provided by the men and women who work hard to keep their community secure,” said Jason Hicks, Senior Vice President of Summit Community Bank.
For more information about Meals for Heroes, contact firstname.lastname@example.org.
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 10 properties in Georgia and one in Kentucky.
About Woda Cooper Companies, Inc.
Woda Cooper Companies, Inc. and its affiliates specialize in the development, design, construction, and management of high-quality affordable multi-family communities, senior communities, and single-family homes. The company was founded in 1990 and now has operations in 17 states and a portfolio of approximately 400 communities and 16,000 units. Green building is standard with certifications including Passive House, Zero Energy Ready Homes, LEED, Enterprise Green, EarthCraft, and ENERGY STAR. Woda Cooper Companies has offices in Savannah, GA; Indianapolis, IN; Shelbyville, KY; Queenstown, MD; Mackinaw City, MI; Columbus, OH; and Norfolk, VA. Affordable Housing Finance magazine ranked Woda Cooper Companies 10th in nation among Developers and 17th among Owners in 2022.