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The Garden Street building is a departure from most IDA-supported projects, in that all 219 apartments will be rented as affordable housing, and many tenants will have incomes significantly less than average for the region.
The New Rochelle Industrial Development Agency has amended a tax abatement deal to protect itself against the possibility that a portion of the $48 million 70 Nardozzi Place project isn’t built.
“This is one of my happier moments,” Charles B. Strome III, chairman of the city’s Industrial Development Agency, said at a meeting about plans for 70 Nardozzi Place.