Affordable housing units in Rye preserved through 2045
LOHUD The Journal News | July 22, 2015
Officials will celebrate the preservation of 100 units of affordable housing at Rye Manor on Theall Road Thursday, when the project’s developer will present a $1 million check to the nonprofit Rye Interfaith Housing Corp., which first developed the complex and sponsored the renovation.
Scarsdale-based Mountco Construction and Development Corp. acquired the property in late 2013 and began a $24 million rehab of the complex, which was built in 1987. The units were constructed with the intention of 30 years of usefulness, Mountco President Joel Mounty said, and the rehab will ensure they are preserved through 2045.
“There is a tremendous need for affordable housing,” he told The Journal News. “Every unit counts.”
Rehab was estimated to cost $70,000 per unit, Mounty said.
The project was financed through tax-exempt bonds from the Westchester County Industrial Development Agency and federal low-income tax credits from the state Housing Finance Agency.
Mounty will be joined by city Mayor Joe Sack and Deputy Westchester County Executive Kevin Plunkett at a news conference Thursday. The donation from Mountco, which has teamed with nonprofits on several other local affordable housing project rehabs, comes in addition to $1 million the company paid to Rye Interfaith as part of the renovation deal. Rye Interfaith’s entity, Rye Manor Housing Development Fund Corp., is still part of the ownership structure.
Renovations to the 74,000-square-foot development included masonry repairs, new windows, new kitchen cabinets and appliances, as well as upgrades to the heating system, elevators and electrical system. The construction did not displace residents, the company said.
-Mark Lungariello, LOHUD The Journal News