Westchester County Provides Incentives for Two Rental Projects
Real Estate In-Depth | February 17, 2016
WHITE PLAINS—Westchester County Executive Robert P. Astorino announced recently that Westchester’s Industrial Development Agency (IDA) has approved support for a new 21-unit rental apartment building in Mamaroneck’s Transit Oriented Development (TOD) Zone.
The $6.53 – million project will create 40 construction jobs and six permanent jobs. The project, which is being developed by Comstock Residential Contracting, LLC, is designed to attract Millennials from New York City to live and work in Westchester County. The building includes 2,500 square feet of commercial space as well as two affordable residential units. The property is to be built at a former restaurant site.
The IDA approved $56,000 in mortgage recording tax exemptions and $150,000 in sales tax exemptions for the project at 690 Mamaroneck Ave., according to a report in the Journal News.
In other business, the IDA approved a bond issuance that will allow the White Plains Housing Authority (WPHA) to convert a 95-unit public housing development to a Section 8 affordable housing community. The $23.5-million project will create 35 construction and permanent jobs.
Located at 120 Lake St., the Lakeview Apartment Community is nearly fully occupied and has a substantial waiting list. The WPHA, which owns the 85,150-square-foot building, has received approval from the HUD to convert the building to Section 8 housing. A new tax credit entity—Lakeview Apartments LLC—will acquire the property from WPHA. Repairs and renovations to the 95 units will take about 12 months to complete.
“The support approved by the Westchester IDA will help move forward $30 million in private investment in rental housing while creating more than 80 construction and permanent jobs,” said Astorino in a prepared statement. “We are particularly pleased to see transit oriented development projects, such as the one in Mamaroneck that are targeted to young professionals.”
Photo Caption: The Westchester County Industrial Development Agency recently approved incentives for a 21-unit development in Mamaroneck.