Madison, GA, February 28, 2024 – Co-developers Woda Cooper Companies, Inc. and Parallel Housing, Inc. held a ceremonial groundbreaking today for the 60-unit Carmichael Commons townhome community now under construction in Madison.
Officials from the Georgia Department of Community Affairs (GA DCA), U.S. Bank, Cedar Rapids Bank & Trust, and the City of Madison, including Mayor Fred Perriman, participated in the celebration with the co-developers and other invited guests.
Carmichael Commons will provide eight one-bedroom, 32 two-bedroom, and 20 three-bedroom townhomes. Rents will be based on the size of unit and income qualifications, with some units reserved for residents up to 50% of area median income and additional units reserved for residents up to 60% area median income. Six units will be offered at market rate without income restriction.
“A diversity of housing is imperative and finding affordable housing providers for Madison families proves particularly challenging,” said Madison’s Mayor Fred Perriman. “Woda Cooper is a reliable community partner because it always concentrates on affordability, quality, and community fit.”
Primary financing for the $18.1 million development was supported through federal and state Low-Income Housing Tax Credits allocated by the GA DCA. A second phase, Prior Farms, with 40 additional single-family homes was recently awarded tax credits and is projected to start construction later this year.
“The groundbreaking ceremony for Carmichael Commons shows our ongoing dedication to affordable housing across Georgia. The construction of 60 townhomes with affordable rents in Carmichael Commons showcases the tangible impact of Georgia’s federal and state Housing Tax Credits. Through partnerships like these, DCA helps build vibrant communities and tackle housing challenges statewide,” Philip Gilman, Deputy Commissioner, Housing Assistance and Development, Georgia Department of Community Affairs.
Carmichael Commons features spacious floor plans with plenty of storage, and modern kitchens with ENERGY STAR appliances, including dishwashers. The units have contemporary finishes, including quality cabinetry, and luxury vinyl tile flooring. Each townhome has a washer/dryer hookup. There are units with features for residents with physical disabilities and sight/hearing disabilities.
Community amenities include a multipurpose room with kitchenette, central laundry, computer room, a covered pavilion with picnic/BBQ facilities, a playground, community gardens, and a dog park. There will be an onsite leasing and management office.
U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, purchased both the federal and state tax credits to provide equity financing.
“Our financing helps increase the availability of affordable housing and builds a foundation of financial stability for individuals and families nationwide,” said U.S. Bancorp Impact Finance Managing Director of Affordable Housing, Vihar Sheth. “We’re thrilled to collaborate with Woda Cooper and Parallel Housing so that 60 more individuals and families in Madison will have a place to call home.”
Cedar Rapids Bank & Trust will provide a permanent mortgage. “Supporting the development of new affordable housing options is critical in our mission as a lender supporting neighborhoods and communities like Madison. We are pleased to provide financial support to Carmichael Commons co- developed by Woda Cooper Companies, Inc. and Parallel Housing, Inc.,” said Michael J. Goerdt, Vice President, Specialty Finance Group, Cedar Rapids Bank & Trust.
Carmichael Commons will add a much-needed option in Madison’s housing stock, said Denis Blackburne, Senior Vice President – Development for Woda Cooper Companies. “Carmichael Commons will bring an excellent new option 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,” he said.
“Carmichael Commons has many energy saving features that will mean low utility costs for residents,” added Gregg Bayard, President, Parallel Housing, Inc. “In addition, there are many lifestyle amenities such as a fitness center and outdoor spaces, including community gardens and a dog park, that contribute to the quality of life for residents.”
Architecture for Carmichael Commons is being performed by Pimsler Hoss Architects, Inc. with civil engineering by Crescent View Engineering, LLC. Woda Construction, Inc. is the general contractor. Leasing and property management will be performed by Woda Management & Real Estate. For more information, call 762-777-1573 or visit www.wodagroup.com.
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 ten properties in Georgia, one in Kentucky, and one in Iowa.
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 330 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 7th in nation among Developers and 21st among Owners in 2023.
