Cook’s Pond Senior Housing
455 Diamond Spring Rd., DENVILLE – 2000
Cook’s Pond Senior Housing is home to 70 low-income senior citizen families. There are 62 one-bedroom and 8 two-bedroom rental units in a residential neighborhood overlooking a scenic pond. The development was a joint venture between the HQM Properties, Inc. and the Township of Denville. This staggered five story elevator building has a Community room, an Arts & Crafts room, central laundry facilities, a beautiful atrium and passive recreation facilities. HQM Properties, Inc. was the general partner in this tax credit development during the compliance period. HQM purchased the building from the limited partner in 2018 for $1,000,000. These homes have a 30-year deed restriction and offset the Township of Denville’s state affordable housing obligation.
Unique Features: The Township of Denville donated the land and provided substantial funding for this low-income housing tax credit development. The township owns the land and there is a 99-year land lease agreement. The building has a walking path leading down to Cook’s Pond for residents and neighbors.
The total development cost for this project was $8,450,000 and was financed as follows:
County HOME funds $865,000
Municipal Donations $1,884,000
Permanent Mortgage $1,264,000
Low Income Housing Tax Credit $2,457,000
State Balanced Housing $1,300,000
HQM PROPERTIES, INC. $280,000
Federal Home Loan Bank $400,000