A new condominium complex is being built on the Boston Post Road in Madison in the west end of town, near the intersection of Boston Post Road and Wildwood Avenue, approximately across from the What's Cookin' restaurant.
The complex is being developed by Madison developer Robert Murphy, according to town officials, who said there will be about 20 units, including 6 units of affordable housing.
Madison Town Planner David Anderson said he did not know when the units would be completed, but he said there is already "a lot of interest in the project." Anderson said it is his understanding that Debra Rowe, from William Raveis in Guilford, will be the realtor for the project.
Anderson said the project was approved by the town several years ago, and that it will be a mix of one-bedroom and two-bedroom units. Of the affordable units, three will be one-bedroom and three will be two-bedroom units.
The units designated as affordable will be based on criteria set out in town regulations, which follow applicable state statues, including CGS 8-30g, Anderson said.
The criteria is based on area median income. Madison is in the New Haven-Meriden metropolitan area. The new number just released for annual median income is $73,900, Anderson said.
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"That is 100 percent," he said. "So the affordable units have to be sold to families who make a percentage of that. Three will be at 80 percent and three will be at 60 percent."
Anderson said the specific math must follow the statute and can get a little complicated, and that it is based on variables including mortgage rates. "But the goal is that a family making 80 percent of the median income should have to spend no more than 30 percent of that income on housing costs," he said.
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Anderson said it is his understanding that the one-bedroom units will qualify for 60 percent, and the two-bedroom units will qualify at the 80 percent level. The affordable units will be spread throughout the development and will be built comparably to the other units, Anderson said.
According to the town's building department records, this will be the fifth affordable housing district in Madison.
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