Yonkers IDA Grants Preliminary Approval of Incentives For Acquisition, Rehab of Affordable Housing Complex
Real Estate In-Depth | November 25, 2020
YONKERS—The Yonkers Industrial Development Agency (YIDA) Board voted on Nov. 23 to grant preliminary approval of financial incentives for the $37.6-million acquisition and rehabilitation of the Jackson Terrace Apartments, a complex featuring 181 affordable low-income housing units.
Located at 100 Herriot St., the 12-story building is being acquired by the New York City-based Hudson Valley Property Group, an owner and developer of affordable and mixed income housing. The developer is requesting a sales tax exemption and mortgage recording tax exemption.
Of the 181 units in the building, 52 units receive subsidy through a HUD project-based Section 8vHousing Assistance Payment contract. Current onsite amenities include: a common area, laundry room, on-site parking and resident community programs. All units at the site are reserved for low-income households.
The acquisition will be financed through a creative structure that invests private equity from Hudson Valley Property Group +HVPG’s affordable housing preservation fund-capital specifically focused on preserving low-income housing, the Yonkers IDA stated.
The rehabilitation work will include building modernization and energy efficiency upgrades. Energy saving measures will include: lighting upgrades in the units and common areas; building roof upgrades with additional insulation; installation of new low flow toilets and showerheads in units; new aerators and faucets for kitchens and bathrooms in the units and common areas; installation of new high-efficiency boilers and site works and structural improvements to the building.
This is Hudson Valley Property Group’s second rehabilitation project in Yonkers. In 2019, the company acquired Parkledge Apartments at 220-250 Yonkers Ave. The company received financial incentives from the Yonkers IDA for a $56.9-million rehabilitation of the 311-unit affordable housing complex.