Gov. Kathy Hochul on March 6 announced the completion of the project 62 Main in the Village of Tarrytown. The $54 million development has transformed the former YMCA site into 108 affordable apartments.
The project’s developer WBP Development LLC of Chappaqua rehabilitated the interior of the original YMCA facility, transforming it into modern apartments. Extensions to the facility in the rear of the property were demolished and replaced. The historic Main Street façade of the YMCA is intact, in accordance with a Memorandum of Agreement between the developer and the New York State Historic Preservation Office. The façade of the newly constructed portion of the building utilizes classic architectural themes prevalent throughout Tarrytown.
The project is supported by the New York State Homes and Community Renewal (HCR) Federal Low Income Housing Tax Credit Program that generated $19 million in equity, as well as its Housing Finance Agency, which provided $10.4 million in subsidy from its Senior Housing Program and $8.4 million in tax-exempt bonds. Eight of the units will receive rental assistance through Section 8 Project-Based Vouchers issued by HCR. The New York State Energy Research and Development Authority’s New Construction – Housing Program provided $218,000.
The project also is supported by: $10.1 million in loans from the Tarrytown Housing Fund, which is a fund of the Housing Action Council; $5 million from Westchester County’s New Homes Land Acquisition program; a $3 million permanent loan from Community Preservation Corporation Climate Capital to help finance energy efficiency improvements in the project; and $1.5 million in geothermal and solar federal tax credits. The project obtained a 30-year PILOT (Payment In Lieu of Taxes) with the Town of Greenburgh and Village of Tarrytown.
“My approach to tackling the housing crisis is simple: we need all types of housing options, especially in places like Westchester County,” Hochul said. “This project ensures that seniors can remain in the community they cherish, or move to this vibrant village with an essential public transit hub.”
The apartments in the development are priced to be affordable to households earning up to 70% of the Area Median Income. Eighty-eight of the apartments are reserved for seniors age 55 and older.
62 Main is fully electric with energy-efficient features including geothermal heat and air conditioning, a rooftop solar array, a green roof courtyard and electric car charging stations. The transit-oriented development is three blocks from the Metro-North train station.
Greenburgh Town Supervisor Paul Feiner said, “Our community and the entire region has a severe shortage of affordable housing. I am very pleased that 108 families will be able to benefit from a beautiful, new affordable housing complex. The families will be able to enjoy living in a great village and can walk to the theater, great restaurants, shops, the train station, supermarkets.”
According to Tarrytown Mayor Karen Brown, “This development honors Tarrytown’s past while securing its future. We are thrilled to welcome the new residents of 62 Main and celebrate this incredible milestone for Tarrytown.”
William Balter, president of WBP Development, said, “This development was born out of a collaboration among community members, the local merchants association, village, town, county and state stakeholders and several financial partners. We could not be happier with the results.”
