Developer Comes Full Circle At New Rochelle Affordable Housing Rededication

Daily Voice | November 21, 2016

Last week, Mountco and Interfaith Dwellings Corp. teamed with local officials to celebrate the rededication of New Rochelle’s latest affordable housing development, which includes two buildings and more than 200 units for income-eligible people older than 55-years-old.

NEW ROCHELLE, N.Y. – A Scarsdale developer returned to his New Rochelle roots recently, celebrating the grand opening of the Washington House Apartments, 30 years after he worked on a different renovation at the same location.

Last week, Mountco and Interfaith Dwellings Corp. teamed with local officials to celebrate the rededication of New Rochelle’s latest affordable housing development, which includes two buildings and more than 200 units for income-eligible people older than 55-years-old.

For Mountco President Joel Mounty, this project brings him full-circle, having played a role in the purchase and renovation of the Washington School and the new construction of the tower building in the 1980s when his career was in its infancy.

According to Mounty, he “now gets to see Washington House through to another renovation and use as affordable housing units for a new 30-year life cycle.”

“We’re very proud of this development, our latest successful venture with Interfaith,” he said. “Not only that, it’s a personal joy for me to rededicate this development in my hometown of New Rochelle.”

Washington House is the most recent collaboration between Mountco and Interfaith Dwellings, having teamed together to develop the Maple Center and maple Terrace, two projects that combined to provide New Rochelle 420 units of affordable housing.

“Washington House represents the culmination of our five-year redevelopment program, which has renovated and upgraded all three of our properties,” Interfaith Dwellings President Marc J. Harary said. “Our partnership has resulted in hundreds of units of affordable housing, which is a vital part of our local community.”

In a statement, Westchester County Executive Rob Astorino said that “the county is pleased to have been able to assist in financing the Washington House Development for over 200 senior New Rochelle households. This is the county’s fourth successful project with Mountco, supporting $75 million in private development of affordable housing in Sleepy Hollow, New Rochelle and Rye.”

New Rochelle Mayor Noam Bramson noted that finding affordable housing for seniors should be a priority for a successful, thriving city.

“Quality affordable housing for seniors is an essential part of a healthy community in which all of us have opportunities to age in place,” he said. “The redevelopment of Washington House demonstrates New Rochelle’s commitment to this priority, while highlighting the value of successful public-private partnerships.”

-Zak Failla, Daily Voice

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