The Point & Ravine Apartments project in Yonkers will receive $58.1 million in state money while the Greenburgh Housing Authority Garden Apartments will receive $37.9 million, Gov. Andrew M. Cuomo said Thursday.
The funding is part of $270 million in state financing that”™s been allocated to six affordable housing developments around the state.
The Point & Ravine project will consist of two, six-story buildings and two, three-story townhouse-style buildings with a total of 146 affordable apartments at 56 and 69 Ravine Ave. and 76 Point St. The development is being constructed on vacant parcels in a section of the Warburton-Ravine neighborhood as part of the city’s Ravine Avenue Urban Renewal Plan.
The project is being developed by Rochester-based Conifer Realty. Previously, it was agreed that the project would receive a payment in lieu of taxes (PILOT) agreement that will run 32 years. It is expected to generate about $10 million in revenue for the city over its life.
The Yonkers Industrial Development Agency is providing a mortgage tax exemption of about $690,000 and about $1.75 million in sales tax exemptions.
Total cost of the Point & Ravine Apartments project was estimated at $76 million. Seniors are expected to be given preference for occupying 44 of the units in the development. The project is expected to create 250 construction jobs.
The $37.9 million for the Greenburgh Housing Authority Garden Apartments is intended to help finance the upgrading and modernization of 85 existing public housing apartments at scattered locations. The scope of work will address ground and landscaping issues, repair underground infrastructure, repair sidewalks, install energy-efficient site lighting and improve accessibility.
The $270 million in state financing announced today is intended to build or preserve 728 affordable, supportive, sustainable units around the state.
“Through our ongoing commitment to combating the housing crisis, we are providing safe, affordable and sustainable homes for the New Yorkers who need them most,” Cuomo said. “This significant funding will create hundreds of affordable homes across the state, while also spurring local economic development and furthering our goal of creating healthier, more prosperous communities for the future.”
