Dominium Announces Grand Opening of Covington Crossings

Property News

The senior housing community is Dominium’s first new construction in the state of Georgia

Dominium, a leading affordable housing owner, developer and manager, celebrated the grand opening of Covington Crossings, a 198-unit affordable senior housing community located in Covington, Ga., on Sept. 30. Video of the event is available here.

Dominium celebrated the grand opening with speakers including Mayor of Covington Steve Horton, Executive Director at City of Covington Housing Authority Shamica Tucker and Dominium Vice President & Project Partner Nick Andersen.

“I think you hit a home run. In fact, I know you did, and I appreciate it,” said Mayor Steve Horton. “Thank you on behalf of the City of Covington Council, the citizens of Covington and myself. Thank you for what you’ve done here. You have made a difference in this community.”

The new community will provide seniors with high-quality homes and amenities at an affordable rate. Covington Crossings offers a mix of one-, two- and three-bedroom units. The apartment community will be restricted to seniors age 55+ earning no more than 60% of the Area Median Income. Construction for the property was completed in February of 2021. The property was designed with seniors in mind offering amenities including a clubroom, card and craft room, library, fitness center, movie theater, outdoor patio and grilling area, beauty salon and easily accessible surface lot parking.

Covington Crossings was financed with an issuance of tax-exempt bonds and 4% Low Income Housing Tax Credits allocated by the Georgia Department of Community Affairs. Permanent debt financing was provided by Greystone/Freddie Mac, and the construction loan was provided by Chase Bank. Equity investments in the 4% Low Income Housing Tax Credits were received from US Bank. Dominium is grateful for these and many other partners who contributed to this project as it provides quality housing to the senior residents of Covington for years to come.