Barbara W. Valk Firehouse Apartments
24 Central Avenue, MADISON – 2010
The Barbara W. Valk Firehouse Apartments is home to 12 low-income senior citizen families and provides office space to the Madison Housing Authority. This four-story elevator building was designed to mirror the look of the original 1901 Madison Hook and Ladder Company located on this spot. The building has a central laundry facility for residents and all units are fully handicapped accessible. This building has a 30-year deed restriction and offsets the Borough of Madison’s state affordable housing obligation.
Unique Features: The original building was found to have a time capsule in the cornerstone when it was demolished. HQM Properties, Inc. placed a new time capsule in the lobby of the new building. Three of the units in the building were set aside with a preference for homeless seniors. Located in central downtown Madison, this building is ideal for low-income seniors without cars.
The total development cost for this project was $4,277,344 and was financed as follows:
County HOME funds $625,922
Borough Affordable Housing Trust Fund $250,000
HQM PROPERTIES, INC. $781,422
Federal Home Loan Bank $240,000
Borough Perkins Fund $175,000
Permanent Mortgage $2,200,000
Private Bank Grant $5,000