By Tia Lynn Ivey
Land newly annexed into the City of Madison will pave the way for a large residential housing project that will be “workforce affordable.”
“This will benefit our city,” said Madison Mayor Fred Perriman earlier this year. “I think we all know how important it is to have affordable homes in our community now.”
The proposed project, Canaan Crossing, calls for a 60-unit low-to-moderate income housing development to be built on a 10-acre plot located at 1180 Wheat Street. The plot of land is located in the Northwest corner of March and Wheat Streets. The development will be comprised of low-to-moderate priced townhouses. The next step for the project was to have that 10 acres of land annexed into the city limits. The Madison Mayor and City Council approved the 10 acres comprising two land parcels along Wheat Street to be annexed into the city limits at Monday evening’s regular meeting.
The council zoned the annexed land as “R1,” which is the zoning designation for Large Lot Residential. However, the city’s Downtown Development Authority (DDA) plans to use its zoning flexibility privileges for the new land to build the townhouse community.
Canaan Crossing is a planned work-force townhouse community. The project is in the works after Parallel Housing, Inc. and WODA, working with the DDA, received approval and Low Income Housing Tax Credits (LIHTC) and HOME funding for the 60 townhouse development project back in 2019.
The project is the brainchild of the city’s Downtown Development Authority, which purports the new rental properties will add $12 million to the city’s tax base while offering tenants affordable rent prices between $400-$650 per month. Now that the land for the project as been required and annexed into the city, the permitting process for the townhouse project can begin.
“Different employers in the community are excited about this because it’s going to offer up housing for these people,” said Ed Latham last year. “Right now, they can’t get anyone to come live here because they can’t find any affordable rental properties.”
The lack of affordable housing has been a problem for years. “This townhouse community is exactly what the city needs to give our young professionals and working class people a nice place to live in our city that they can afford,” said Perriman back in January.