Disclosed is a coating composition that includes an aqueous emulsion of a hydrophobic acrylic polymer, a water-soluble polymer, and an inorganic filler, and further includes a freezing-point lowering component to permit low temperature application. The freezing-point lowering component will preferably include a water-soluble, corrosion inhibiting salt. The coating composition will also optionally and preferably include an evaporation enhancing component to promote faster drying and skin formation at low temperatures. The coating composition may be coated onto a construction surface (e.g., by spraying) where, after drying, it will form a fully adhered barrier membrane that is water-vapor permeable, but air and liquid-water impermeable. Such membrane will preferably have sufficient coating thickness and sufficiently high elongation that it will bridge joints and cracks.