Yonkers, NY – June 15, 2009 – (RealEstateRama) – Continuing in his mission to expand the amount of quality, affordable housing for hardworking Yonkers residents, Mayor Philip A. Amicone, chairman of the Yonkers Industrial Development Agency (IDA), joined the CEO of L+M Development Partners Inc., Ron Moelis, in a ceremony marking the start of construction on the $54.5 million 330 Riverdale Avenue affordable housing complex located in the heart of the city’s Ludlow neighborhood.
With hardhats and shovels in hand, the Mayor, Mr. Moelis, representatives from Bank of America as well as local and State officials broke ground for this planned 11-story, 153-unit building. One hundred and thirty-seven of the apartments will be designated for affordable housing.
330 Riverdale Avenue will be built on parcels of largely vacant property on Riverdale Avenue between Morris and Post Streets. The planned mixed-income development is expected to total approximately 148,000 gross square feet of residential space and will offer studios and one- and two-bedroom apartments with energy efficient appliances and lighting. The building will also feature approximately 219 parking spaces, an on-site laundry facility, a club/recreational room, two second-floor rooftop terraces and is within walking distance to downtown Yonkers and public transportation including the Ludlow train station.
Twenty-seven apartments are currently being reserved for residents whose incomes fall beneath 50 percent of the city’s Average Median Income (AMI), and 109 apartments for those below 60 percent of AMI. Marketing is expected to begin during the second half of 2010. The project is scheduled to open for occupancy in early 2011.
“Whether it’s providing business incentives that keep and create jobs, keeping our streets safe, offering greater access to city resources or improving schools for our children, this Administration’s top priority is improving the quality of life for all Yonkers residents,” said Mayor Amicone. “At a time when family budgets are tight, hardworking residents need — and deserve — the opportunity to live in high quality housing at affordable rates. I congratulate L+M Development Partners and all of our partners for their hard work in making this day possible.”
Mr. Moelis said, “We were very excited to close on financing for this project and are thrilled now to recognize its construction start. The closing was done in one of the worst financing markets in recent memory, and it is a tribute to the hard work of all of our lenders– private and public sector alike– that we closed at the very end of 2008. This transaction demonstrates the necessity for the public and private sectors to work together in challenging market conditions to continue to create affordable housing options in and around our cities.”
The property’s development was made possible by a successful partnership between the private sector and several public agencies. To keep apartment rents affordable and to enable the developer to obtain the necessary financing, the Yonkers IDA approved incentives including a 30-year real property tax agreement, as well as sales and use tax exemption for construction.
Public sector assistance was also provided through the New York State Housing Finance Agency including tax-exempt bonds, a mortgage tax exemption, as well as second mortgage financing. Other assistance included a mortgage from the New York State Division of Housing and Community Renewal, Homes for Working Families Program, as well as funding through the Westchester County Housing Implementation Fund, and the County’s New Homes Land Acquisition program.
On the private sector side, Bank of America provided a letter of credit and is also the purchaser of limited partner equity generated through low-income housing tax credits for both construction and permanent financing.
“This is yet another example of Westchester County government working in partnership with the state, builders and not-for-profit organizations to create affordable housing,” said Westchester County Executive Andrew J. Spano. “This building will provide important, fair and affordable housing and enhance the neighborhood where it is located.”
Priscilla Almodovar, President and Chief Executive Officer of the New York State Housing Finance Agency (HFA), said, “330 Riverdale Avenue will bring much needed affordable housing to the City of Yonkers and Westchester County. This development is also conveniently located so tenants will be within walking distance to downtown Yonkers and public transportation. I am proud to join with our partners, including the NYS Division of Housing and Community Renewal, Westchester County, the City of Yonkers and L+M Development Partners, to make this project a reality.”
Ellen Lynch, president and CEO of the Yonkers IDA, said, “Just a few short months ago, this very spot was an undeveloped lot filled with weeds and debris. As we have many times before under Mayor Amicone’s leadership, the Yonkers IDA has provided the vital incentives that make quality affordable housing projects possible. We are delighted to be a part of this project and look forward to the day we cut the ribbon marking its opening in 2011.”
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About Yonkers IDA: Chaired by Yonkers Mayor Philip Amicone, Yonkers IDA is a public benefit corporation that provides a wide range of business development incentives to companies that choose to locate or expand in Yonkers. Since 1982, the IDA has generated millions of dollars in private investment within the city. Yonkers IDA induces companies to invest their capital in major economic development projects that create jobs and increase the city’s tax base, thereby improving the quality of life for all Yonkers residents. For more information, visit www.yonkersida.com.
Contact: Josh Salter
Linden Alschuler & Kaplan, Inc. Public Relations
jsalter (at) lakpr (dot) com
