7 Elm Street Condominiums
MADISON – 2021
2-two-bedroom affordable rental apartments for families.
This development is a two-family affordable home for low-income families. It has 2 two-bedroom apartments. It is situated in a residential neighborhood with other multi-family dwellings.
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 $727,000 and was financed as follows:
HQM Properties, Inc. $377,000
Private Bank Loan $200,000
Borough of Madison Housing Trust Fund. $150,000