27 Elm Street Condominiums
MADISON – 2004
2-two-bedroom affordable rental apartments for families.
This development was the first for-sale affordable housing in Madison. It has 5 two-bedroom affordable condominiums for low-income families
This home has a 30-year deed restriction and offsets the Borough of Madison’s state affordable housing obligation.
Unique Features: The Borough approved the site plan and all the variances needed to maximize the use of a very small lot (40 x 70) to create opportunities for 2 low-income families. In addition, the Borough waived all municipal fees to control the cost of the development and donated funds for its construction. 00
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
Sale of units $575,000