January 09, 2013 – (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.
The project, located at 479 Front Street, 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.
Nassau County Executive Edward P. 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.”
Village Lofts consist of 29 rental units of which 23 units will provide workforce housing for households earning not more than 90% of the Nassau County Area Median Income (AMI) as established by HUD. Six units will receive HOME assistance; four which will be allocated to families earning not more than 60% of the AMI and two to be allocated to families earning not more than 50% of the AMI.
One bedroom apartments will range in size from 813-836 square feet while two bedrooms will be 957-1,012 square feet. Two bedroom duplexes will be larger; 1340-1563 square feet. Rents will range from approximately $1,008 to approximately $2,050.
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.
