Construction Begins on $60-Million St. Clair Affordable Housing Project in Yonkers
Real Estate In-Depth | September 28, 2023
YONKERS—New York Gov. Kathy Hochul joined officials with state and City of Yonkers officials and representatives of the developer on Sept. 27 to officially begin construction on the St. Clair affordable housing development.
The 76-unit affordable housing project is located on vacant parcels at 36-38 Main St., 32 Main St., and 1-3 Riverdale Ave. and is being developed by MacQuesten Development, LLC of Pelham. The units will be affordable to households earning at or below 80% of the Area Median Income. The development is a short walk to the MTA Metro North train station and will offer a fitness room, community room and an outdoor roof deck.
“The St. Clair is proof that we can work hand-in-hand with our local partners to create housing that is affordable, sustainable, and that connects New Yorkers to jobs, to schools, to doctors, and to the services they need to thrive,” Gov. Hochul said. “Our ongoing investment in Yonkers’ resurgence is allowing more people to take advantage of all this city has to offer, and it underscores our commitment to transit-oriented, strategic housing growth that strengthens communities and helps combat climate change.”
State financing for the $60-million development includes $8.4 million in permanent tax-exempt bonds, $25.2 million in federal and state Low-Income Housing Tax Credits and $10.6 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 is expected to result in $9.7 million in tax credits issued by the New York State Department of Tax and Finance. The City of Yonkers awarded $1.1 million in HOME funds and the Westchester County Department of Planning awarded $1.5 million in American Rescue Plan Act funds.
Yonkers Mayor Mike Spano said, “Yonkers continues to lead Westchester County in providing quality, low market rate housing that is equitable and inclusive,” stated Yonkers Mayor Mike Spano. “Thanks to the support of our federal and local partners, St. Clair adds to our growing housing stock with modern, accessible and sustainable amenities servicing our growing city. We look forward to welcoming new residents to our waterfront.”
CEO of MacQuesten Development LLC Rella Fogliano said, “I am grateful that MacQuesten Development was given another opportunity to partner with the state of New York, Westchester County, and the city of Yonkers on this significant affordable housing development. This project is the quintessential example of how public /private partnerships serve to strengthen the fabric of a community. I am also very proud of how MacQuesten has been a leader in transit-oriented development, clean energy initiatives and the use of renewables in our developments.”
In addition, the all-electric building was awarded $418,000 from NYSERDA’s Clean Energy Initiative, which is putting New York on the path to meeting the Climate Leadership and Community Protection Act’s target of an 85%freduction in greenhouse gas emissions by 2050. The building includes renewable energy and energy efficient features such as all-electric appliances, including heat pumps for heating and cooling, weatherization to reduce heat loss, and low flow plumbing fixtures.