The development company who oversaw the start-up of Davenport Commons low-income housing, received an award last Monday, July 14, for its innovative project.

Madison Park Development Corporation, one of six recipients, received a Maxwell Award of Excellence from the Fannie Mae Foundation, a private company whose goal is to assist people with mortgages so they can become homeowners.

With the award, the Madison Park Development Corporation received a $50,000 grant.

Davenport Commons is a complex conceived by Madison Park Development as a residence hall complex, equipped with 525 beds for students and 60 condominiums available to low income families. According to Fannie Mae, a 30-year contract with Northeastern University, provided a stream of income to support tax-exempt bond debt on the project.

The Maxwell Awards, which commemorated Fannie Mae’s 50th anniversary in 1988, honor former Fannie Mae chairman and CEO David O. Maxwell, who retired after 10 years as chairman and chief executive officer at Fannie Mae.

“The Maxwell Awards of Excellence program seeks to identify, recognize and showcase the outstanding work of nonprofit organizations in developing and maintaining housing for low-income Americans,” said Fannie Mae’s Web site, fanniemae.com.