Madison, FL, is rich in history and radiates small-town country charm. Located on the central northern border and designated as one of the "Best Little Towns in Florida," Madison is brimming with quaint shops, pleasant dining, diverse outdoor attractions, and prominent historical markers. As Madison provides an environment ideal for families, it is critical that the limited affordable rental properties in the area are preserved.
Southern Villas of Madison is an existing family development constructed in 1983 under the USDA-RD 515 program, offering rental assistance from USDA-RD for 71% of units. This program allows tenants to pay only 30% of their income toward rent despite the income restriction being 60% of the Area Median Income. The property, targeted to families earning between 45% and 60% of the Area Median Household Income, consists of 35 one-, two-, and three-bedroom units spread across seven one-story buildings. The rehabilitation of this community included approximately $60,000 per unit in renovations. Units received new energy-efficient appliances, lighting, plumbing fixtures, HVACs, along with new windows and flooring. The property also received exterior updates, including light timers and sensors for external building lights and a playground for families to enjoy.
Acquisition/Rehab: 35 Units
Private Equity Investment: $3,417,258
Local Jobs Supported: 16
Local Government Revenue: $80,051
Hallmark Development Partners, LLC, an affiliate of The Hallmark Companies, Inc, served as the developer for the rehabilitation of Southern Villas of Madison. The Georgia-based company, ranked the top developer of rural housing by the Council for Affordable and Rural Housing (CARH) in 2020, has successfully rehabilitated and preserved over 4,000 affordable housing units since 2013. Hallmark Management Company, which has managed the property since 2011, will continue to oversee daily operations at the property.
Ideal for families, this community is located near several essential resources, including a public library, North Florida College, and within walking distance to a grocery store and pharmacy. Beyond offering updated units, the property also includes site amenities such as on-site management, parking, a computer center, and laundry facilities. As the need for affordable housing options continues to rise in the community, preserving properties such as Southern Villas of Madison is critical in ensuring that local families have access to safe, modern affordable housing for years to come.