(Read more on the multifamily market.)
NEW ROCHELLE, NY-The New Rochelle Neighborhood Revitalization Corp. held a ribbon cutting here last week for a portion of its planned $40-million affordable housing development. The project is the largest affordable housing venture developed in Westchester County.
The first phase--the $10-million Town Houses at West End development of 25 new single-family townhomes--is complete. A 102-unit affordable senior housing project is under construction.
Westchester County contributed a total of approximately $8 million to the venture; $4.8 million for land acquisition through the New Homes Land Acquisition program, as well as $3 million in Housing Implementation Funds for infrastructure improvements. Other funding sources included federal HOME Funds and a HUD Special Grant from the City of New Rochelle, funds from the refinancing of two senior buildings within the NRNRC's portfolio and low-income housing tax credits.
"I am proud that Westchester County helped make this happen," said Westchester County Executive Andy Spano at the ribbon cutting ceremony. "The housing is visually and physically integrated into the community and the senior housing with lifestyle services will be one of Westchester's first affordable 'green' buildings."
New Rochelle Mayor Noam Bramson, who was among a host of state, county and city dignitaries on hand for the event, said, "New Rochelle is committed to providing affordable housing opportunities to working and middle class families. This development will make the dream of homeownership possible for more of our neighbors and help ensure that our city remains vibrant, diverse and inclusive."
The townhouses were available to first-time homeowners with household incomes at or below 80% of the county area median income. For a family of four, that is $77,200. Unit sold for between $225,000 and $240,000. The housing remains labeled "affordable" for 40 years, which means its resale remains restricted to income-eligible applicants.
Once completed early next year, the units will be rented to seniors at or below 60% of county AMI. For a single-person household, that is $40,560; for a family of two, that is $46,320. A planned Phase II of the project will add 12 townhouses and 40 units in a mixed-income building for seniors.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
