Member Spotlight: HQM Properties, Inc.
HQM Properties and L&T Purchase and Develop Affordable Housing
HQM Properties, Inc., and L&T Affordable Housing Urban Renewal Corporation purchased 24 affordable housing apartments, known as the Farm at Harding, from the Township of Harding, NJ. This was done through a partnership with Lakeland Bank. Once the purchase was completed, L&T began plans for four new apartments on the site. The new apartments were designed by William Charleroy, AIA from Pennington, NJ. He designed the new units to resemble the existing apartments.
In June 2020 L&T submitted plans to the Harding Township Planning Board and received approval to develop the new units and a new office and began development of the final plans and specifications for bidding. The Corporation solicited public bids to construct the new units and of the four bidders the lowest most qualified bid was awarded to Straightedge Construction from Manasquan, NJ, at a cost of $1,260,000. The new building will have four units. There will be three 2-bedroom and one 3-bedroom apartments. All four of the apartments will be rented to homeless families through a partnership with Morris County’s Homeless Solutions. Each of the apartments will be Energy Star certified.
The Corporation received a $700,000 grant from the Department of Community Affairs Housing Trust Fund and a donation of $325,000 from the Township’s Affordable Housing Trust Fund for the new apartments. They are also working with Lakeland Bank on a $300,000 mortgage for the development.
Louis A. Riccio, CEO of HQM Properties, Inc., and former PHADA Trustee, said, “We are very grateful to the State’s Housing Trust Fund and especially James Lordi from NJDCA for his cooperation and assistance, and to the Township of Harding for their donation. Without these funds we could not have developed these much-needed units. In addition, Lakeland Bank’s dedication to affordable housing should be commended. Once again the Lakeland Bank has shown a true commitment to assisting with the development of affordable housing.”
Other New Affordable Housing Developed by HQM Properties
Riccio announced occupancy for its latest project, 7 Elm Street, on September 1, 2021. This development was also designed by William Charleroy, AIA, and is being constructed by Straightedge Construction.
The building will have two 2-bedroom apartments. One will be rented to a very low-income family, and one will be rented to a moderate-income family. These apartments will assist the Borough of Madison meet its Fair Share obligation. Both apartments have a forced hot air heating and air conditioning system with hook-ups for washers and dryers. The apartments meet the State’s Energy Star requirements.
Sarah Craig, President of HQM Properties said, “This was a very difficult development because of the triangular shape of the property and its size only being 40´ wide by 98´ deep. The architect and the contractor did a fantastic job fitting this building onto this site. Even the municipal building official commented on the workmanship of the contractor.”
For more information visit www.HQMProp.com