Plan will create two state-of-the-art affordable housing buildings for seniors and families
Yonkers, NY – November 30, 2011 – (RealEstateRama) — Mayor Philip A. Amicone, Chairman of the Board of Yonkers Industrial Development Agency (IDA), announced that the board approved a resolution to move forward with a public hearing and to negotiate economic development package for a project that will transform the long-abandoned PS 6 school building and surrounding brownfield at 33 Ashburton Avenue into an affordable housing complex with two modern, environmentally-friendly, buildings. The complex will provide 50 units of senior housing and 70 units of family low-income housing units.
The complex will include a mid-rise senior building with 50 one-bedroom apartments and parking for 25 vehicles. The family building will be a high-rise with 33 one-, 29 two- and 8 three- bedroom units with parking for 66 vehicles. Both buildings will share an additional five ground level parking spaces.
“Creating safe, affordable housing for our seniors and working families of Yonkers has been one of the top priorities of my administration — and the Yonkers IDA has played a critical role in our success,” said Mayor Amicone. “Whether it’s the replacement of the infamous Mulford Gardens, the creation of 330 Riverdale Avenue, or now this wonderful new PS 6 complex, we are bringing hope to the people of Yonkers. The Yonkers IDA and this City have wisely focused on using economic incentives to give low-income Yonkers residents new and better housing options while helping revitalize and renew long-neglected neighborhoods. We hope to move forward with this project in the near future.”
The initiative is being spearheaded by The Community Builders, Inc. (TCB) in partnership with the Municipal Housing Authority of the City of Yonkers. TCB is one of the largest and most accomplished non-profit development corporations in the United States with more than 45 years of experience in developing and managing affordable housing.
The new PS 6 housing complex is estimated to cost approximately $52.4 million. The new buildings will be within walking distance to public transportation – including the Yonkers Metro North station – and feature views of the Palisades and the Hudson River. The new complex will have LEED certified “green” buildings with partial green roofs over the parking area at ground level and above the fifth floor. Community rooms and a shared computer lab and on-site laundry facility are also part of the project. Although the existing building will be torn down, the main entry arch to PS 6 will be preserved as a façade feature to the computer lab.
The senior housing facility and 43 of the family units will be leased to households earning no more than 60% of the area median gross income. The remaining 27 family units will be restricted to those making no more than 30% of the area median gross income. If finally approved, the project would create approximately 350 construction jobs for the two year duration of the project.
The PS 6 site has been designated a brownfield by the state. A remediation plan that meets state health and safety requirements and careful engineering controls will therefore be part of the site’s preparation for construction and building demolition activity.
Inducements from the IDA could include sales and use tax exemption for materials and equipment used in construction, a mortgage recording tax exemption, and a structured property tax agreement. The project could also involve the issuance of tax-exempt bonds by the Yonkers Economic Development Corporation. Other financing includes $1 million in City of Yonkers HOME funds as well as other federal, state and local assistance.
“If finalized, The Community Builders’ plan for the PS 6 will not only provide quality affordable housing for low-income seniors and hard working families, it will bring new energy to Ashburton Ave – a very busy east-west connector to the Yonkers waterfront. Demolition of the long abandoned and dilapidated building, and the remedial clean up of the site, will provide a great boost to Yonkers downtown renaissance and help improve the quality of the life of our residents. We look forward to working with TCB to design a fair incentive package that can help make this plan a reality,” said Ellen Lynch, president and CEO of the Yonkers IDA.
After the public hearing, the project must come back to the Yonkers IDA Board for final approval.
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.
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