New York, NY – December 10, 2013 – (RealEstateRama) — Nassau County Executive Edward P. Mangano today officially opened Village Lofts, a 29-unit transit-oriented rental development in the Village of Hempstead. This new housing opportunities, located at 479 Front Street, contain 23 (80%) workforce housing units and 6 (20%) affordable housing units. Village Loft is one of several residential developments assisted by the Mangano administration. Other projects include Jefferson Plaza in Farmingdale (154 units – under construction), Landmark in Great Neck Plaza (93 units – now open), Mill Creek Residential in Mineola (311 units – under construction), Mineola Properties in Mineola (315 units – under construction) and MPA Owners in Westbury (6 units – under construction). Recently, County Executive Mangano earmarked Federal funds to study the conversion of empty office space into residences in Baldwin, Lynbrook and Valley Stream.
“My administration has made it a priority to assist families, seniors, and young adults with new housing options,” said County Executive Mangano. “Since taking office, my administration is helping create nearly 1,000 new housing opportunities across Nassau County. This project brings much-needed rental options for our residents while generating millions in economic benefit for our local economy, and is another example of our commitment to creating transit-oriented development.”
The workforce units will be priced affordably to households earning less than 90% of the area median income. These workforce rents are generally considered equivalent to market rents in the Village. Of the 6 HOME units, 4 will be priced affordably to households earning less than 60% of area median income (AMI) and 2 will be priced affordably to households earning less than 50% of AMI.
The project received $800,000 in Federal HOME funds from Nassau County’s Office of Housing and Community Development. The HOME Investment Partnerships Program is provided by the U.S. Department of Housing and Urban Development (HUD) to states and local governments to create affordable housing for families. In addition, the project received $2 million in grants from the Empire State Development Corp.
County Executive Mangano stated, “Long Island has a severe shortage of rental housing stock in comparison to other areas. My administration understands the link between housing that is affordable and a growing economy. That is why we have provided Federal dollars to assist in the construction of affordable rental units here in Nassau County.”
All HOME-assisted units must meet program affordability requirements for a period of 20 years. The Town of Hempstead is the title holder for the property and a PILOT agreement (Payments in Lieu of Taxes) exists between the developers and the TOH Industrial Development Agency. The project will be monitored for the next two decades to ensure it remains an affordable housing development.
- Mangano: Affordable Rental Project Underway In Hempstead
January 09, 2012 - (RealEstateRama) -- With the demolition of four vacant deteriorated houses completed and financing in place, construction is set to begin on the Village Lofts project - a rental housing project that will create 29 affordable and moderately priced units in the Town of Hempstead...
- Mangano Announces Development Of Transit-Oriented And Senior Rental Apartments
New York, NY - August 3, 2012 - (RealEstateRama) -- Nassau County Executive Edward P. Mangano and the Nassau County Industrial Development Agency today announced the approval of an economic development compact for a proposed $93 million complex in downtown Mineola that will provide much needed housing for working young professionals and affordable housing for seniors....
- Mangano Breaks Ground On New Home In Village Of Hempstead
December 13, 2010 - (RealEstateRama) -- Nassau County Executive Edward P. Mangano today announced the construction of a new home in the Village of Hempstead’s Parkside Gardens as part of an effort between the County, the Long Island Housing Partnership, the Village of Hempstead, and the Hempstead Village Community Development Agency (IDA)....
- Mangano Urges Storm Victims To Complete FEMA Continuing Rental Assistance Form
December 11, 2012 - (RealEstateRama) -- Nassau County Executive Edward P. Mangano reminded residents that they must complete a Federal Emergency Management Agency (FEMA) “Declaration for Continuing Need for Rental Assistance” form in order to continue to receive rental assistance....
- Mangano & Kopel Break Ground On New Affordable Homes In Inwood
New York , NY - November 2, 2011 - (RealEstateRama) -- Nassau County Executive Edward P. Mangano was joined today by Legislator Howard J. Kopel, the Long Island Housing Partnership and homeowners to break ground on four new affordable workforce homes on Harris Avenue and Redwood Avenue in Inwood....
- At Gillibrand & Schumer’s Urging, Feds Lift Restrictions for Hundreds of Sandy Homeowners Currently Disqualified for Disaster Aid
- House passes crucial job training legislation
- Tonko Statement on Housing for Undocumented Children
- Governor Cuomo Announces $14 Million in Awards for Affordable Housing
- Governor Cuomo Deploys DFS Mobile Command Center to Branchport to Help Finger Lakes Area Flood Victims
- EPA Settlement with Rochester Area Home Builder Protects Area Waterways; Developer Agrees to Construct Project to Reduce Polluted Stormwater Discharges
- NYCOM Conference, Ribbon Cuttings and Equity Fund Forum Highlight Trip to Finger Lakes Region
- CKX Declares December 31st Record Date for Dividend of FX Real Estate and Entertainment Shares
- Jones Lang LaSalle Hires Seasoned Industrial Real Estate Professionals to Strengthen Client Services in Long Island
- First Affordable Housing Development in Brooklyn with Solar Panels
- “Green” Forum Highlights 545 Madison Avenue as Showcase of Sustainability
- New York State Senate Confirms Bill Myers to the Board of the State of New York Mortgage Agency
- New York State home sales continue to post gains compared to 2009
- Gillibrand Introduces Solar Energy Legislation
- HDC Board Approves $55.5 Million in Tax-Exempt Multi-family Housing Revenue Bonds
- Diversity Works’ Unique Model Combines Permanent Supportive Housing and Family Preservation Services