6 Rev G.A. Rogers Way
MORRISTOWN – 2006
This duplex dwelling consisting of two 3-bedroom rental units replaced a burned-out two-family house that was a blight on the neighborhood. The Church of God in Christ (COGIC) obtained county HOME funds but did not have the expertise to develop the property. COGIC reached out to HQM Properties, Inc. to execute and manage all facets of the development. These homes have a 30-year deed restriction and offset Morristown’s state affordable housing obligation.
Unique Features: This affordable development was the first modular build in Morristown. HQM Properties, Inc. partnered with Morristown Housing Authority to market the units to nearby low-income residents. COGIC collects rents on the apartments, which are assisted with Section 8 housing choice vouchers.
The total development cost for this project was $499,988 and was financed as follows:
County HOME funds $350,000
Morristown Housing Authority $15,000
Private bank grant $25,000
Permanent Mortgage $110,000