Working with the support of the Borough of Fairview, BCUW/Madeline Corporation has just completed construction of first-time homebuyer affordable condominiums where previously there were an unsightly abandoned warehouse.
The site is located at 445-447 Fairview Avenue and is within easy walking distance of the downtown - convenient for shopping, employment, public transportation, community services, and houses of worship.
There are 12 two-bedroom units of approximately 950 square feet each. The three-story structure also includes laundry on the premises, an outdoor patio area, and street level parking.
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Total project costs are $3.8 million. BCUW/Madeline has secured $1 million for the project from the Bergen County Division of Community Development HOME program. Acquisition costs of $625,000 and the balance of construction funding has been paid by Bergen County’s United Way and will be recouped when the condominiums are sold. This will insure that the price of the units can be kept at an affordable price of $220,000.
Eligible applicants are first time homebuyers who meet the income eligibility for affordable housing. All will be encouraged to access the County of Bergen American Dream Program and its Homeownership Center for education and training. The result will be 12 working poor families who gain equity, foster pride of ownership, and achieve the social stability that comes with having a permanent home to call their own.
Construction is complete. For more information about housing applications, contact the Madeline Corporation at 201.944.3222.