Westchester County IDA Green Lights Rental Housing Renovation Projects
Real Estate In-Depth | November 2020
WHITE PLAINS—The Westchester County Industrial Development Agency at its Nov. 12th session granted preliminary approval for incentives for one affordable housing renovation project in Tuckahoe and voted in favor of final approval for two rental apartment upgrades in Mount Vernon and Tuckahoe.
“We applaud these three renovation projects which will help ensure that existing affordable housing units in Mount Vernon, Tarrytown and Tuckahoe remain in the County’s housing inventory. This is a key component of the Housing Needs Assessment which the County undertook in 2019 and is one of my top priorities as County Executive. The Westchester County IDA is an important partner in meeting the established goals of the Housing Needs Assessment,” said Westchester County Executive George Latimer.
In Tuckahoe, developer Tuckahoe Limited Partnership is seeking incentives for the complete renovation of Marble Hall apartments located at 100 Columbus Ave. The 10-story building, which has built in 1974, has 134 apartments. It features 39 one-bedroom, 77 two-bedroom, and 18 three-bedroom units, with approximately 247 residents.
Renovations, which are estimated to cost $5.36 million, will include new kitchens, bath finishes and lighting. Building exteriors would receive masonry repointing. The site will be improved with new finishes for management offices, hallways, and community room. Energy efficiency improvements will be improved with a new heating and hot water system as well as efficient lighting and water saving devices, county officials stated.
Tuckahoe Limited Partnership said the proposed acquisition and rehabilitation of Marble Hall will be primarily financed by $36-million in short-term tax-exempt bonds to be issued by the IDA; a $48-million HUD 223(f) permanent loan, approximately $16.85 million in Low Income Housing Tax Credit equity, and approximately $1.38 million in interim income. The developer is also seeking a 35-year PILOT from the Village of Tuckahoe.
In other business, the IDA board voted final approval of $912,062 in financial incentives for the renovation of two affordable housing developments in Mount Vernon and Tarrytown.
The IDA Board approved $653,672 of financial incentives and $27.5 million in tax-exempt bond financing for renovating Ebony Gardens, a multi-family complex located at 138 South Sixth Ave. in Mount Vernon. The complex is comprised of seven garden-style apartment buildings with a total of 144 units of affordable housing targeting tenants earning 60% of area median income. The developer of the project is an affiliate of Related Companies.
The Board has also voted final approval of $258,392 in financial incentives for the renovation of Asbury Terrace Apartments, a nine-story, 106-unit apartment building located at1 River Road in Tarrytown. The building features 36 one-bedroom apartments, 45 two-bedroom apartments, 25 three-bedroom apartments, plus an apartment for the building superintendent. The building is being acquired by Mountco Construction and Development Corp. of Scarsdale, which has successfully renovated 17 former HUD properties like Asbury Terrace.
“The IDA is very pleased to provide incentives for the renovation of affordable housing in our county. The two developments approved for incentives by the IDA board comprise a total of 250 units of newly renovated affordable housing and represent more than $34 million in private investment in our economy. These projects will also create new construction and full-time jobs,” said Westchester County IDA Chairperson Joan McDonald.