New affordable housing coming to Madison
Madison Mayor Fred Perriman, District 1 City Councilor Carey Peters-Reid and other city leaders were on hand for a groundbreaking ceremony held on the morning of Feb. 12 to celebrate the start of construction on 60 affordable housing units to be built on property northwest of the intersection of Wheat and March streets in the coming year.
“Canaan Crossing will bring an attractive, affordable housing option to accommodate needs for younger families, singles and seniors,” said Denis Blackburne senior vice president of Woda Cooper Companies, Inc., the company that brought the Silver Lakes project to Madison just a few years ago. “Its location is convenient for accessing shopping, professional services and many jobs in the immediate area.”
According a press release, the Canaan Crossing development “will be situated around a large green space between eight buildings with an attached community center. The energy-efficient development, expected to be certified LEED for Homes Gold, will offer eight one-bedroom, 32 two-bedroom, and 20 three-bedroom units. Each unit will have a high efficiency HVAC system; Energy Star kitchen appliances, including dishwashers; washer/dryer hookups; and high-quality finishes.
Outdoor amenities will include a playground, community gardens, and a covered picnic area with tables and grills.
The community center will contain an “onsite management/leasing office, multipurpose community room with kitchenette and laundry facility. In addition, there will be dedicated space available to provide private preventive health screening and wellness programs to the residents.”
Peters-Reid, in whose district the development will be located, said that Woda’s previous project at Silver Lakes was a huge asset to the City of Madison.
“A great looking wellkept facility,” Peter-Reid said. “I am looking forward to Canaan Crossing being an asset to the City of Madison, located within a mile of restaurants, retail and churches. Workforce housing is so much needed in the City of Madison. Workforce housing was on my platform nine years ago, so today I am so thankful that the groundbreaking is now taking place.”
City planner Monica Callahan said that without City Councilman Ed Latham’s leadership on the Downtown Development Authority wouldn’t have been in th area acting as the urban renewal in bringing housing opportunities to the Madison community
“We are very appreciative to the Madison Downtown Development Authority for providing the opportunity to develop our second affordable housing property in Madison,” said Gregg Bayard president of Parallel Housing, Inc., the firm that will build the 60 units.
Bayard emphasized the new development’s green features: “As with our first development Silver Lakes, Canaan Crossing will be 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.
Funding for the $13 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 building 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.”
According to the press release, 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,” said Jason Hicks SVP Commercial Lending Summit Community Bank. “We look forward to the development of Canaan Crossing, as it provides a secure, affordable, and convenient housing option that supports our neighbors and their families in Madison,”
The project architect is Moseley Architects, with civil engineering by local company Georgia Civil, Inc.; and sustainability consulting by Imery Ratings. Woda Cooper Companies’ construction division is the general contractor.
The development will target local families earning up to 60 percent area median income.