November 12, 2019, Columbus, OH…A Grand Opening and Ribbon-Cutting was held Friday, November 8, 2019, at Towne Creek Crossing in Walton, KY. The property is a new multifamily community offering 44 affordable rental townhomes for households earning up to 60% of area median income.
Towne Creek Crossing, co-developed by Woda Cooper Companies, Inc. and Housing Services Alliance, is comprised of one-, two-, and three-bedroom townhomes for families, singles, or seniors. It is located at 13173 Service Road in Walton.
Kentucky Housing Corporation (KHC) allocated federal housing tax credits which helped fund the development. “Towne Creek Crossing is a wonderful example of how the affordable housing tax credit program can be used to create much needed housing opportunities for Kentucky residents,” said Lisa Beran, Interim Executive Director for KHC. “On behalf of Kentucky Housing Corporation’s Board and staff, we congratulate the future residents who will have a quality place to call home.”
Towne Creek Crossing was designed to accommodate the needs of families, with spacious units and many amenities including outdoor spaces, explained Tammy Stansbury, Vice President – Development, Woda Cooper Companies, Inc. “Many energy efficiency features built into the buildings and units will help lower monthly utility costs for residents, ” she said.
Each townhome at Towne Creek Crossing features modern, open concept living spaces with beautiful finishes, private patios, and energy-saving features such as fully-equipped kitchens with ENERGY STAR appliances, including dishwashers. There are several units with ADA features for those with mobility challenges and hearing/sight impairments.
Community amenities include a freestanding community center with an onsite management office, clubroom, fitness center, computer lab, and laundry. The attractive contemporary clubroom with kitchenette is available for meetings and community social functions, and can be reserved by residents for small parties and gatherings. Outdoor community spaces include a playground and a BBQ area.
Woda Cooper’s Stansbury recognized state and federal elected officials for initiatives to help expand affordable housing in Kentucky and thanked Towne Creek Crossing supporters including the City of Walton and Boone County. Additionally, she thanked KHC; equity investor RBC Capital Markets; Bellwether Enterprise, contributor of permanent debt backed by a USDA Rural Development multifamily loan; and Summit Community Bank for a construction loan. Dan Grimm was architect and Woda Construction, Inc. served as general contractor.
Representing RBC Capital Markets, Harry Tepper, Vice President, Investment Manager, congratulated the development team: “RBC is proud to play a role in the financing of 44 new affordable units at Towne Creek Crossing,” he said. “We commend the Woda Cooper Companies team and the other partners for a job well done.”
Bellwether Enterprise’s Bob Morton, Sr. Vice President & Director of RHS Programs, commented about the importance of supporting affordable housing expansion in rural communities where, “people like to live and work” in addition to larger cities.
Speaker Terry Loper, Acting MFH Progam Director for USDA Rural Development in Lexington, KY, commented, “Our mission at Rural Development hinges on partnering for rural prosperity. We value every one of our partners, from the smallest to the largest, because together, America prospers.”
Jason Hicks, Senior Vice President, Commercial Lending, Summit Community Bank, remarked, “Summit Community Bank is honored to partner with Woda Cooper which possesses an intricate business model coupled with a dynamic, hardworking team that is dedicated to providing a high quality affordable product to well-suited communities like Walton.”
Principal David Cooper, Jr. also gave remarks on behalf of Woda Cooper. “Some people look at today as an ending point as we’ve finished construction and the apartments are filling. These are always good things but this is a beginning in the lifecycle of the property,” he said. “We make a long term commitment in the communities where we develop.”
A ribbon-cutting and tours of several units was followed by a short reception in the community center.
About Woda Cooper Companies, Inc.
Woda Cooper Companies, Inc. and its affiliates are experienced developers, general contractors, and property managers specializing in the design, construction, and management of affordable multi-family apartments, senior communities, and single-family homes. Considered leading experts in the affordable housing industry, the Woda Cooper team is known for producing and maintaining high quality affordable housing. Affordable Housing Finance ranked the firm 13th overall among Developers and 26th overall among Owners in its April/May 2019 issue. Woda Cooper Companies, Inc. has developed and currently manages more than 300 communities and 12,000 units, operating in 15 states. In addition to its Columbus headquarters, the firm has offices in Savannah, Georgia; Indianapolis, Indiana; Shelbyville, Kentucky; Annapolis, Maryland; Mackinaw City, Michigan; Charlotte, North Carolina; and Norfolk, Virginia. For more information, visit www.wodagroup.com
About Housing Services AllianceHousing Services Alliance (HAS) is a nonprofit housing corporation founded in 2003 that specializes in developing and preserving housing in attractive and stable neighborhoods and communities, as well as coordinating services to improve quality of life for low and moderate income households, seniors, and special needs populations. HSA currently operates in a seven state area from Michigan to Maryland and maintains an executive office in King of Prussia, Pennsylvania. For more information, visit https://www.housingservicesalliance.com/
Photos courtesy Sara Scott Jaggers, Kentucky Housing Corporation.
