Mineola, NY – March 6, 2015 – (RealEstateRama) — Nassau County Executive Edward P. Mangano today announced an economic compact to assist Pond View Homes Housing Development Fund Corp. with the renovation and rehabilitation of 52 affordable residential units for qualifying income persons and families in Manhasset. The compact is supported by the North Hempstead Housing Authority, Town of North Hempstead and the Manhasset Union Free School District.
County Executive Mangano stated, “My administration has worked tirelessly to increase affordable residential housing and rental options. With more than 1,000 new rental residences currently under construction throughout Nassau, my economic development team is addressing the demand for rental housing on Long Island. Rehabilitation and renovation of Pond View Homes will certainly provide tenants with another affordable housing option.”
Pond View Homes, the North Hempstead Housing Authority and the County entered into a “Tax Exemption Agreement” in 1999 which is set to expire at the end of 2030. The Housing Authority has determined that a major renovation and rehabilitation of the rental units is necessary in order to accomplish its goal of providing tenants with improved, safe, clean and affordable housing. Under this economic compact, PILOT payments will remain unchanged through 2030, and increase by 10% to $28,600 annually for General Tax Years 2031 – 2040. They will again increase for General Tax Years 2041 – 2045 by 10% to $31,460 annually.
Pond View Homes were first developed in 1962 and has a total of 52 low income units, including 5 studio apartments and units with up to 5 bedrooms. If you are interested in securing housing at Pond View Homes, please contact at (516) 627-6433.
