The Related Companies has secured $27.5 million in
tax-exempt bond financing to renovate Ebony Gardens, a multi-family complex in
Mount Vernon.
The Westchester
County Industrial Development Agency (IDA) recently voted preliminary approval
of $653,672 in cash incentives and the bond financing for the overhaul of the multi-family
complex comprised of seven garden-style apartment buildings with a total of 144
units of affordable housing targeting tenants earning 60 percent of area median
income.
Renovations will include upgraded kitchens and baths, new
windows, new roofs, upgrading of facades and upgrading of mechanical systems.
In addition, there will be a new amenities building with a fitness room,
business center and community room. The complex will be wired for wifi that
will be provided free of charges to the residents.
Located at 138 South Sixth Avenue, Ebony Gardens (pictured top) was built in the early 1980s and was in continuous operation as housing for low-income families.
The $7.9 million renovation project is expected to create 41
construction jobs and create and retain 40 full-time jobs. The developer is an
affiliate of Related Companies, one of the largest developers and
preservationists of affordable and workforce housing in the nation.
The Board has also voted preliminary approval of $258,392 in
financial incentives for renovation of Asbury Terrace Apartments, a nine-story,
106-unit apartment building located at1 River Road in Tarrytown.
That building features 36 one-bedroom apartments, 45 two-bedroom apartments, 25 three-bedroom apartments, plus an apartment for the building superintendent. The building is being acquired by Mountco Construction and Development Corp. of Scarsdale which has successfully renovated 17 former HUD properties like Asbury Terrace.
The total development cost is approximately $26.4 million,
which includes the $5.3 million in construction costs; $15.5 million in
property acquisition costs, and approximately $5.6 million in property
reserves, soft costs, and fees.
The project will be financed by approximately $4.2 million
in tax credit equity, $19.1 million in tax-exempt financing by the IDA and $1.4
million in deferral of fees. The project is estimated to create 19 construction
jobs and retain 28 existing full-time jobs. Renovations will include new
kitchens and baths, new roofing and windows and improvement to mechanical
systems for greater energy efficiency.
Westchester County Executive George Latimer said the County
Planning Department completed a Housing Needs Assessment in November of 2019
that found a need for investment in the preservation
of existing affordable rental units to ensure that they remain in the
inventory.
“These financial incentives will help in the redevelopment
of 250 much-needed affordable housing units in our County. We commend both
developers for their ongoing commitment to providing quality affordable
apartments in our communities,” said Latimer.
