260 Tabor Road, MORRIS PLAINS – 2016
In 2014 the Borough of Morris Plains approached HQM Properties, Inc. for assistance in planning, developing and managing its first affordable rental housing development. Davenport Village, home to 56 low- and moderate-income families, was occupied in 2016. In partnership with a motivated municipality, HQM Properties, Inc. was able to take this from vision to reality in just two years. Davenport Village is a 4-story elevator building with 21 one-bedroom, 27 two-bedroom and 8 three-bedroom rental apartments.
These affordable homes have 30-year deed restriction and offset the Borough of Morris Plain’s state affordable housing obligation.
Unique Features: In order to provide opportunities to both families with children and seniors, the building was designed with two wings and a central lobby. The Borough of Morris Plains donated over 90% of the funds for this development.
Unique Features: This downtown building was constructed without any parking. The Borough of Madison provides permit parking to tenants in a nearby municipal lot. The Borough approved the site plan and all the variances needed to maximize the use of a small lot (40 x 90) to create opportunities for 12 low-income seniors. In addition, the Borough waived all municipal fees to control the cost of the development.
The total development cost for this project was $13,333,000 and was financed as follows:
County HOME funds $200,000
Municipal Donations $12,886,248
HQM PROPERTIES, INC. $224,252
Private Bank Grants $22,500