The Westchester County Industrial Development Agency (IDA) has approved tax-exempt bond financing and incentives for the acquisition and renovation of Marble Hall, an affordable 134-unit apartment building in the Village of Tuckahoe.
The 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. At its January 28th meeting, the Westchester IDA also approved a sales tax exemption for Marble Hall of $245,000 and a mortgage recording tax exemption of approximately $480,000.
Located at 100 Columbus Avenue, the ten-story building features 39 one-bedroom, 77 two-bedroom, and 18 three-bedroom units. Renovations of the building, which was built in 1974, 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 renovations are estimated to cost approximately $5.6 million.
“The acquisition and renovation of this nearly 50-year-old apartment building is a welcome development for our County’s affordable housing inventory. As noted in our housing needs assessment study, the preservation of existing affordable units is critically important in meeting the housing needs in our communities,” said Westchester County Executive George Latimer.
“The IDA is very pleased to provide tax-exempt bond financing and financial incentives for the acquisition and renovation of this important and much-needed development. We applaud the project developer for their private investment in affordable housing in our County,” said IDA Chair Joan McDonald.
“The Village of Tuckahoe is pleased to have Silver Street Development Corporation and Low-Income Housing Corporation undertake the renovation and improvements to the Marble Hall Apartments. This opportunity allows Tuckahoe to provide its residents much-needed affordable housing for the next thirty-five years,” said Tuckahoe Village Mayor Greg Luisi.
“The preservation and rehabilitation of Marble Hall Apartments in The Village of Tuckahoe could not have happened without the tremendous amount of support received from the Village, Town, School District, County, and State authorities in their many forms of assistance. We thank all of these stakeholders in trusting our ownership team’s ability to usher the property into the future and provide safe, revitalized, affordable housing for those who call Marble Hall their home,” said Silver Street Development principal Chris Poulin.