Woda Cooper, Parallel Housing Break Ground on Affordable Community

Co-developers Woda Cooper Cos. and Parallel Housing have broken ground on The Lenox, a 64-unit fully affordable housing community in Augusta, Ga.

The Lenox will serve residents earning between 30 and 80 percent of the area median income. The community takes its name from the former Lenox Theater, a historic venue built in 1921 which was destroyed by fire and was subsequently demolished in the late 1970s.

Pimsler Hoss Architects Inc. designed the building to achieve the LEED for Homes Gold certification. Woda Cooper serves as the general contractor, while Woda Management & Real Estate LLC will oversee leasing and management of the community.

Upon its completion, the four-story building will incorporate 25 one-bedroom units and 39 two-bedroom units. Common-area amenities are set to include a fitness center, a business center, a community room, a computer room, laundry facilities, a rooftop terrace and an elevator. Units will feature ENERGY STAR appliances and vinyl tile flooring; several apartments will be adjusted for residents with physical or sight/hearing disabilities. The community will also include 4,000 square feet of retail space on the ground floor.

---

READ ALSO: Q&A: How LIHTC Bill Could Ease the Affordable Housing Crisis

---

Located at 1016 Laney Walker Blvd., in the Bethlehem submarket, the site is close to Route 78, which allows easy access across the Augusta metropolitan area. Piedmont Augusta Hospital, James Brown Arena and Dyess Park are within walking distance of the development.

A collective effort for affordable financing

The $17.5 million project received financing from Augusta city officials, developers, lenders and other stakeholders:

• more than $12 million in equity financing from state and federal tax credits generated from the allocation of $8.4 million in tax-exempt private activity bond volume from GA DCA
• equity investment of $7.3 million for the allocated federal credits provided by RBC Community Investments
• $640,000 HOME loan from the City of Augusta
• long-term lease provided by the Augusta Georgia Land Bank Authority at nominal cost
• 20 project-based vouchers provided by the Augusta Housing Authority
• $4.7 million from Sugar Creek Capital
• $6 million construction bridge loan and $440,000 in soft financing provided by United Bank
• $8.4 million construction loan provided by Cadence Bank
• $3.5 million permanent mortgage provided Cedar Rapids Bank & Trust

Parallel Housing and Woda Cooper also opened a 60-unit fully affordable community in Madison, Ga., earlier this year The financing for the $14 million community included a low-interest HOME loan, credit allocation, federal and low-income housing tax credits from the Georgia Department of Community Affairs.

Woda Cooper—in partnership with Cherry Health—has recently obtained financing from the Michigan State Housing Development Authority for the development of a 56-unit affordable housing community in Wyoming, Mich. Project costs are estimated at $18.2 million.