Robert T. Burroughs Apartments
44 Cook Avenue, MADISON – 1994
The Robert T. Burroughs Apartments was HQM Properties, Inc. first venture in developing affordable housing. This three-story elevator building has 12 one-bedroom rental apartments for low-income seniors. The building has a central laundry facility, an entrance lobby with a winding staircase and a large rear yard used for passive recreation. These homes have a 30-year deed restriction and offset the Borough of Madison’s state affordable housing obligation.
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 $1,155,000 and was financed as follows:
County HOME funds $325,000
CDBG Funds $90,000
HQM PROPERTIES, INC. $25,000
Municipal Donations $30,000
Permanent Mortgage $445,000
Federal Home Loan Bank $240,000