The Westchester County Industrial Development Agency (IDA) has voted preliminary approval of tax-exempt bond financing for the complete renovation of Marble Hall, a 134-unit affordable housing project in Tuckahoe. Located at 100 Columbus Avenue, the ten-story building, which was built in 1974, features 39 one-bedroom, 77 two-bedroom, and 18 three-bedroom units.
Renovations, which are estimated to cost $5.36 million, would include new kitchens, bath finishes and lighting. Building exteriors would receive masonry repointing. The site will be improved with new finishes for management offices,
hallways, and community room. Energy efficiency improvements will be improved with a new heating and hot water system as well as efficient lighting and water saving devices.
The proposed acquisition and rehabilitation of Marble Hall will be primarily financed by $36 million in short-term tax-exempt bonds to be issued by the IDA; a $48 million HUD 223(f) permanent loan, approximately $16.85 million in Low Income Housing Tax Credit equity, and approximately $1.38 million in interim income. Project developer Tuckahoe Limited Partnership is also seeking a 35-year PILOT from the Village of Tuckahoe.
“We are pleased to vote preliminary approval of tax-exempt bond financing for the renovation of this apartment building that is providing much-needed affordable housing for the Tuckahoe community,” said IDA Chair Joan McDonald.
In other business at the December 10th board meeting, the IDA Board approved extensions for two development projects that previously received financial incentives.
The IDA approved the extension of a sales tax exemption through December 31, 2021 for Regeneron Pharmaceutical’s construction of 360,000 square feet of space at its campus at the Landmark at Eastview. The IDA approved financial incentives for the project on November 9, 2006. The project is anticipated to be completed next December.
The IDA Board also approved an extension of $1.7 million in sales tax exemptions for a 115,000-square-foot medical office building under construction at 104 Corporate Park Drive, Harrison to be leased to Montefiore Medical Center. The IDA approved extending the completion of the project to December 31, 2022.