OSSINING – Mount Vernon real estate developer MacQuesten Development broke ground last week on Crescent Manor, a new 73-unit affordable senior housing project.
The building, which has been designed for seniors to age in place, will be a low-rise elevator building, with 79 on-site parking spaces at 136-140 Croton Ave. in the Village of Ossining.
The 73 apartments are meant for individuals and couples aged 62 and over. There will be 33 studios and 40 one-bedroom units. Rents are set at 40%, 50%, and 60% of the Westchester AMI (area median income), respectively. There will be free parking and utilities, along with amenities including free Wi-Fi, indoor and outdoor recreation space plus a fitness room. The ground floor will have retail space, and the lower level of the building will contain community space.
“I am proud to continue to build much needed affordable housing throughout the great County of Westchester, which will support the vitality of diverse communities and serve mixed demographics,” said Rella Fogliano, MacQuesten’s President & CEO. “Affordable Senior Housing is especially near and dear to my heart.”
The apartments will target seniors with incomes at or below 60% of the AMI. Westchester County has supported the development through $25 million in tax-exempt bonds, the New Home Land Acquisition Fund, Flex funds, HOME funds and a payment in lieu of taxes — which reduces the burden of local and state sales taxes during construction as well as lowering real estate taxes for 30 years.
The building is designed to PHIUS + criteria, which is the highest level of sustainability and energy efficiency. The rooftop solar panels will produce nearly 85% of the building’s energy.
“Public-private partnerships make a successful project like Crescent Manor come to life and give a wonderful community like Ossining the ability to offer housing and a thriving community to all residents,” Westchester County Executive Ken Jenkins said.
Through CREA, a national affordable housing investment company, CVS Health invested $24 million in Crescent Manor through the purchase of Low Income Housing Tax Credits and New York State Brownfield Credits. CVS has invested $60 million in affordable housing across the state of New York over the past five years.
“Health starts with where we live, and that includes access to affordable housing that empowers older adults to comfortably age in place,” said Keli Savage, head of impact investments, CVS Health.
