NEW YORK, NY – December 3, 2008 – (RealEstateRama) – The board of the New York State Housing Finance Agency (HFA) approved $51.2 million in financings today to create and preserve 270 units of affordable housing in Westchester County.
The approvals include $37.7 million in financing to build a 152-unit mixed-income rental apartment building in the City of Yonkers and $13.5 million in financing for major capital improvements at Wesley Hall, a senior citizen Mitchell Lama project in the City of Peekskill.
“These approvals demonstrate our commitment to create new housing and preserve existing housing for our senior citizens during these difficult economic times,” said Priscilla Almodovar, HFA President and Chief Executive Officer. “It also reinforces Governor Paterson’s goal of making New York State a better place to live and work.”
The Westchester approvals were included in $64.2 million in financings approved today by HFA and its subsidiary, the New York State Affordable Housing Corporation, which will create or preserve 426 affordable housing units across the state.
Yonkers
HFA approved $37.7 million in financing for construction of an 11-story, 152-unit apartment building at 330 Riverdale Avenue in Yonkers.
At least 136 of the units at 330 Riverdale Avenue will be reserved for family households earning no more than $60,960 a year for a family of four. The remaining units will be set aside for families with household incomes up to $132,080 for a family of four.
The project site is well served by public transportation, including local bus and Metro North service. The borrower, 326 Riverdale Owners LLC, is controlled by L+M Development Partners.
The total cost of the project is nearly $55.8 million. In addition to HFA financing, the project will receive an annual allocation of $2.08 million in 4% Federal Low-Income Housing Tax Credits; a $4.76 million loan from the NYS Housing Trust Fund’s Homes for Working Families; $4.35 million in funds from the Westchester County Housing Implementation Fund; and a PILOT (payment in lieu of taxes) agreement with the City of Yonkers Industrial Development Authority. A portion of the site acquisition cost will be funded through the Westchester County New Homes Land Acquisition Program.
Peekskill
HFA approved $13.5 million in financing for the acquisition and rehabilitation of Wesley Hall, a 118-unit senior citizen Mitchell Lama project at 801 South Street in Peekskill.
The improvements include renovations of the lobby and common areas, upgraded elevators, boilers and mechanical systems, and overhaul of the security systems. Individual units will receive new floors, windows, kitchen cabinets, appliances and bathrooms.
Wesley Hall units are set aside for residents 62 years or older. All but four of the units will be set aside for Section 8 tenants with household incomes up to $48,780 for a family of two.
The borrower, Wesley Apartments L.P. is controlled by Omni New York, LLC, which was formed by Eugene Schneur and Maurice (Mo) Vaughn, the former New York Mets first baseman.
The total cost of the project is $16 million. In addition to HFA financing, the project will receive an annual appropriation of $496,727 in Federal Low-Income Housing Tax Credits; an enhanced Federal voucher for Section 236 tenants; a real estate tax abatement from the City of Peekskill; and a grant of $3.05 million from the Housing Trust Fund of the NYS Division of Housing and Community Renewal.
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The NYS Housing Finance Agency was created in 1960 to sell bonds to finance the construction and rehabilitation of multifamily affordable rental housing in New York State.
Contact: Philip Lentz
Director of Communications
212-872-0679
plentz (at) nyhomes (dot) org
