Strickland Place & Orchard Street
MADISON – 2014
In 2013 HQM Properties, Inc. purchased a contaminated lot in a residential neighborhood through public auction. HQM paid the Borough of Madison $260,000 for the property and spent over $550,000 on environmental cleanup. The Borough approved a 3-lot subdivision and provided funds from the municipal affordable housing trust fund to assist with the cleanup. HQM was able to obtain a grant from the state of New Jersey for 50% of the cleanup cost, which reimbursed the municipal affordable housing trust fund. In a joint venture with Morris Habitat for Humanity, three single family 3-bedroom homes were built and sold for $185,000 each. These affordable homes have 30-year deed restrictions and offset the Borough of Madison’s state affordable housing obligation.
Unique Features: Morris Habitat for Humanity engaged the community in a “feel good” effort to build these affordable homes in Madison by outreach to local businesses, faith organizations and volunteer groups.
The total development cost for this project was $1,066,571 and was financed as follows:
County HOME funds $223,982
Habitat SHOP grant $45,000
Borough of Madison AHTF $227,000
NJ DEP Cleanup Grant $260,000
HQM PROPERTIES, INC. Donations $57,558
Misc. private grants $43,031
Morris Habitat in kind donations $210,000