27 Elm Street Condominiums
MADISON – 2004
These five two-bedroom for-sale affordable townhouses in downtown Madison replaced a dilapidated duplex that was a longstanding blemish to the neighborhood. Each home is three stories with a garage and utility/laundry room on the ground floor, a living room, dining room, kitchen and half bath on the first floor, and two bedrooms and a full bath on the second floor. The units were purchased for $115,000 and appraised for $475,000. Housing Partnership administered the affirmative marketing, accepted applications, created a randomized wait list and certified applicant eligibility. These homes have a 30-year deed restriction and offset the Borough of Madison’s state affordable housing obligation.
Unique Features: These units were the first for-sale and first modular constructed affordable homes in Madison. The property, which abuts the railroad tracks, is a triangular parcel, which limited parking. In order to maximize the number of units on this site, the 3-story townhouse design permitted one garage parking spot and one driveway spot per unit. This type of design is no longer eligible for state affordable housing due to changes in 2008 that require all affordable housing units to be 100% accessible.
The total development cost for this project was $1,072,000 and was financed as follows:
County HOME funds $392,000
CDBG funds $80,000
HQM PROPERTIES, INC. $25,000
Sale of units $575,000