Fred Parola, CEO of the Town of Hempstead Industrial Development Agency (IDA), said the agency has given preliminary approval to a package of economic development incentives that will assist a developer construct a 43-unit apartment building in Inwood.
The IDA on Jan. 31 approved a preliminary inducement resolution for Inwood Property Development LLC. The benefits package is subject to further IDA review, a public hearing and a final authorizing resolution.
Inwood Property, owned by Hewlett businessperson Isaiah Moultrie, intends to construct a 48-unit, 52,582-square-foot building on.23 acres. The building, a half mile from the Inwood LIRR station, will have 20 one-bedroom units, 15 two-bedroom units, and 12 three-bedroom units, as well as 1 Studio. A quarter of the units will be affordable based on an 80 percent Area Median Income (AMI) or less. Households less than 80 percent of the AMI are considered low-income households.
Zoning approvals are in place for the $21.8 million project at 360-370 Bayview Ave. The project will replace vacant and dilapidated residential and commercial buildings,
“This project, if approved, will help to provide much needed housing in the area and increase revenues for our taxing jurisdictions,” said Parola.
Current property taxes on the site, $64,616, will rise to $150,000 over the course of a proposed 20-year PILOT agreement.
The IDA’s assistance to rental housing is a legitimate IDA function, according to ruling by the State Comptroller and the courts, because the projects promote employment opportunities and serves to combat economic deterioration in an area served by the IDA.
