Low income seniors move into Mount Vernon complex

LOHUD The Journal News | December 1, 2016

About 50 tenants have been selected so far, according to John Madeo of Mountco, the company that built the tower in partnership with Grace Baptist Church.

The 10-story, 66-unit building at 125-129 S. Fifth Ave. is mostly accepting senior singles and couples who earn 30 to 50 percent of the county’s median income

MOUNT VERNON – The majority of the residents moving into newly built affordable housing in Mount Vernon are very low income senior citizens.

The 10-story, 66-unit building at 125-129 S. Fifth Ave. is mostly accepting senior singles and couples who earn 30 to 50 percent of the county’s median income. That translates into an annual income of $22,650 for a single person at 30 percent of the county median and $37,750 for a single person at 50 percent of the median, according to federal calculations for the region.

About 50 tenants have been selected so far, according to John Madeo of Mountco, the company that built the tower in partnership with Grace Baptist Church.

The building consists of all one-bedroom apartments.

Madeo said only a few of the tenants will be at 60 percent of the county’s median, which is $45,300 for a single person. Madeo discussed the project Wednesday during an update given to the board of the Mount Vernon Industrial Development Agency.

“We like that mix because we think it helps with the building,” Madeo said of the higher-income residents.

The complex, which is named after former state Sen. Ruth Hassell-Thompson, is the latest project on that street built by the Eastchester-based Mountco. The company also built the nearby Grace Plaza at 159 S. Fifth Ave. and Macedonia Towers at 150 S. Fifth Ave.

-Ernie Garcia, LOHUD The Journal News

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