June 24, 2011 -- A new 11-story fair and affordable housing complex on picturesque Riverdale Avenue in Yonkers, now completed, was the focus of a ribbon-cutting ceremony Thursday, June 23.
County Executive Robert P. Astorino was joined by local officials at the event hosted by the developer, L&M Development Partners, Inc. of Larchmont, at the site at 330 Riverdale Ave.
The building includes 137 fair and affordable rental apartments for income-eligible households, as well as onsite parking for tenants, Internet access and a fitness center.
"This public-private sector initiative to promote fair and affordable housing was accomplished with the help of more than $7.6 million from county programs run by our Planning Department," said Astorino. "The result is new homes for families and individuals that will enhance the neighborhood. Congratulations to everyone who made this possible."
Households with incomes at or below 50 percent and up to 60 percent of Westchester's Annual Median Income (AMI) may qualify for tenancy. The dollar amount for qualification varies depending on the number of people and the annual income of a household. For example, a two-person household would qualify at an income range of no more than $51,120 and a four-person household with income up to $63,900. The monthly rents, between $877 and $1,566, include heat and hot water.
The apartments will remain affordable for a minimum of 30 years. Any units that are vacated after this time period return to market-rate pricing. However, for up to an additional 20 years, all tenants who remain in the building will continue to qualify for affordable rents.
More than 1,000 people applied for the housing in a lottery in January; of these, just 74 qualified based on income. A second wave of applications has already been received to fill the remaining units; these and any additional applications received will be processed in chronological order. For information and applications, g to www.330Riverdale.com or phone (914) 636-RENT.
Funding for the estimated $57 million project was from local, state, federal and private sources. Westchester County contributed more than $7.6 million, including $3.3 million in New Homes Land Acquisition funds and $4.3 million in the county's Housing Implementation Funds.
In addition, New York State Homes and Community Renewal contributed over $4.37 million of low- income housing tax credits; the State Housing Finance Agency contributed more than $5 million and New York State Homes for Working Families contributed $4.76 million.
Tax incentives were provided by the Yonkers Industrial Development Agency, and a construction loan of $28.7 million was given by Bank of America. The developer, L&M Development Partners, invested $3.8 million from the period of initial planning of the affordable housing project to obtaining the final approvals.
The building is in walking distance to the shops along Riverdale Avenue and South Broadway, schools, Culver Park and public transportation: the Bee-Line Bus and Metro-North Railroad's Hudson Line. The complex offers residents a mix of studios, one-, two- and three-bedroom apartments. A two-bedroom unit is reserved for a superintendent.