$51 Million Affordable Housing Project Opens in Peekskill
Real Estate In-Depth | September 12, 2023
PEEKSKILL—State and local officials joined the developer on Sept. 11 to celebrate the completion of a $51-million affordable housing project in Downtown Peekskill.
The 645 Main St. development includes 82 apartments affordable to households earning between 40% and 80% of the Area Median Income, and a 140-space parking garage. The developers are the Housing Action Council of Tarrytown and Wilder Balter Partners, Inc. of Chappaqua.
There are 18 one-bedroom apartments, 50 two-bedroom apartments, and 14 three-bedroom apartments. 645 Main was constructed on a two-acre remediated brownfield site. The five-story building has frontage on both Main Street and Central Avenue.
“This development at 645 Main Street marks the next step in our work to make Westchester County and all of New York State more livable and more affordable,” New York Gov. Kathy Hochul said in a press statement.“ By adding diverse, energy-efficient housing options in thriving and transit-friendly cities like Peekskill, we are tackling New York’s housing shortage head on and expanding the possibilities for every family who wants to call New York home.”
The development was designed to meet the requirements of the New York State Energy Research and Development Authority’s Low-rise Residential New Construction program and was also designed and certified by the U.S. Green Building Council under LEED for Homes Gold. Sustainable features include a rooftop photovoltaic solar array, high-performance building envelope, high-performance heating and cooling conditioning systems, and low flow plumbing fixtures. The parking garage features a landscaped rooftop courtyard with underground stormwater infiltration system that retains surface water onsite to reduce the burden on the municipal system, and 30 EV charging stations.
Additional residential amenities include a community room leading to the rooftop courtyard, quiet and active lounges, fitness center, laundry room, and an onsite management office. The building is a short walk from the Peekskill Metro-North station.
Westchester County Executive George Latimer said, “My administration has proven its steadfast commitment to providing fair and affordable housing opportunities, allocating $90 million in our 2023 budget alone, representing the largest single-year commitment to affordable housing in Westchester County history. 645 Main in Peekskill is just one more example of what can happen when we work cooperatively with our partners at the state level. I want to thank Governor Kathy Hochul, and New York State Homes and Community Renewal for their leadership on this issue, and for seeing this project through to fruition.”
Peekskill Mayor Vivian McKenzie added, “645 Main completely changes the way Peekskill develops affordable housing. Mr. Balter and his team have partnered with the City and the State to provide a truly inclusive mixed income experience that elevates ALL residents in the building in a new living experience. Longtime community supporters, Mr. Balter’s family urged him to create affordable housing in Peekskill. He has exceeded their goals. We thank you for what you have brought to the table here in our City. It is remarkable and is a worthy legacy to what a good partnership can create!”
Financing for 645 Main included $8.9 million in permanent tax-exempt bonds, $12.1 million in federal Low-Income Housing Tax Credits, and $12.3 million in subsidy from New York State Homes and Community Renewal.
The construction fulfilled the requirements of the New York State Department of Environmental Conservation’s successful Brownfield Cleanup Program, which resulted in $6 million in tax credits issued by the New York State Department of Tax and Finance. NYSERDA provided $171,990 through the NY Sun Multifamily Affordable Housing Incentive program and is expected to provide an additional $69,200 through Low-rise Residential New Construction Program. Westchester County provided $5.7 million from the Housing Implementation Fund and $2.3 million from the New Homes Land Acquisition Fund.
Rose Noonan, Executive Director, Housing Action Council, said, “This new residential community responds to the urgent need for rental housing for a variety of income levels and contributes to the enhancement of Peekskill’s Gateway. It gives residents the opportunity to live in comfortable homes with on-site amenities and easy access to downtown shopping, entertainment and public transportation. Housing Action Council is once again pleased to partner with WB Development, with State, County and local support, to address local and regional housing needs.”
William G. Balter, on behalf of WBP Development said, “WBP Development is proud of the collaboration between New York State, Westchester County and the City of Peekskill to bring much-needed affordable housing for families in upper Westchester that can benefit from a home within walking distance to Peekskill’s vibrant downtown and Metro North train station offering access to major employment centers. WBP is also pleased to recognize the NYS climate goals by designing to the NYSERDA and LEED for Homes Gold standards with an all-electric building.”