"Building Yonkers By Building Business Relationships"
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"Building Yonkers By Building Business Relationships" |
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Yonkers IDA to explore tax breaks, bonds for senior complex and west side apartmentsYONKERS — The Yonkers Industrial Development Agency is considering issuing $6.4 million in bonds for a senior complex owner and tax breaks for a new, $20 million affordable-housing project. At its monthly meeting this morning, the YIDA approved a resolution to accept an application from Ravine Neighborhood Associates LLC for a 64-unit apartment building at 47-75 Ravine Ave., near the city's waterfront. The affordable housing complex would be rental apartments restricted to households that earn less than 60 percent of Westchester County's median income, which in 2010 is $73,300 for a one-person household. Ravine Neighborhood Associates is seeking exemptions from construction-related sales, mortgage-recording and property taxes. The developers behind the project include CURE Development, a Yonkers-based affordable housing developer that is currently finishing work on a 12-unit, $3 million development at 304 Warburton Ave. CURE's partner is L & M Development Partners Inc. of Larchmont, which is currently working on a $51 million, 170-unit building at 314-40 Riverdale Ave. That mixed affordable-housing and market-rate building is expected to be done in the spring of 2011, said Ron Moelis, who was at this morning's meeting. Separately, Woodstock Manor HDFC at 755 Palisades Ave. is seeking $6.4 million to refinance its mortgage so that it can afford to rehabilitate the low-income senior complex, which has 61 units. The building owners are also seeking tax exemptions. Both applications require public hearings; those dates have not been set. |
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