10 Division Avenue
MADISON – 2018
HQM Properties, Inc. assisted a local developer to plan for an affordable for-sale duplex alongside five million-dollar single family homes. The builder was required by Borough ordinance to provide one inclusionary affordable unit in this development. HQM Properties, Inc. encouraged the builder to construct an affordable duplex designed to look like the market-rate homes. This improved the aesthetic on the site and provided two affordable homes where only one was required. In accordance with New Jersey affordable housing requirements HQM Properties, Inc. oversaw the affirmative marketing, accepted applications, created a randomized wait list and conducted initial interviews with applicants. Applicants selected from the wait list were certified by the Housing Partnership and required to complete homeownership education. The low-income duplex unit sold for $160,000 and the moderate-income unit sold for $193,000.
The total development cost for this project was $400,000 and was financed as follows:
HQM PROPERTIES, INC. $47,000
Sale of Units $353,000