Westchester County”™s Industrial Development Agency (IDA) has voted preliminary approval of financial support for the renovation of affordable housing in Mount Vernon and Tarrytown.
The IDA board gave preliminary approval of $653,672 of financial incentives and $27.5 million in tax-exempt bond financing for Ebony Gardens, a multifamily complex in Mount Vernon. The complex has seven garden-style apartment buildings with a total of 144 units of affordable housing. The developer of the project is an affiliate of Related Cos.
Renovations will include upgraded kitchens and baths, new windows, new roofs, upgrading of facades and upgrading of mechanical systems. In addition, there will be a new amenities building with a fitness room, business center and community room. The complex will be wired for Wi-Fi that will be provided free of charge to the residents. Located at 138 S. Sixth Ave., Ebony Gardens was built in the early 1980s.
The board has also voted preliminary approval of $258,392 in financial incentives for renovation of Asbury Terrace Apartments, a nine-story, 106-unit apartment building at 1 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.
The total development cost of the Asbury Terrace project is approximately $26.4 million, which includes $5.3 million in construction costs, $15.5 million in property acquisition costs and approximately $5.6 million in property reserves, soft costs and fees. Included in the project financing are approximately $4.2 million in tax credit equity, $19.1 million in tax-exempt financing by the IDA and $1.4 million in deferral of fees.
Joan McDonald, county director of operations and chairperson of the IDA, said, “The IDA is very pleased to provide preliminary approval of incentives as well as tax-exempt financing for these two projects which represent a significant investment in our local economy and will create new construction jobs as well as retain existing jobs.”
County Executive George Latimer noted that the county”™s housing needs assessment that was completed in November 2019 found that investments were needed to preserve existing affordable apartments.
“These financial incentives will help in the redevelopment of 250 much-needed affordable housing units in our county,” Latimer said. “We commend both developers for their ongoing commitment to providing quality affordable apartments in our communities.”
Westchester County IDA making decisions for a financially strapped Mount Vernon IDA…ask what did they receive in return?