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 White Plains, NY - Built in 1873 and listed on the National Register of Historic Places, the Ossining National Bank has been empty for decades – but it won’t be much longer.
Now called Ossining T.B. Flats, the building has been transformed into 12 affordable condominium units.
County Executive Andy Spano joined with Village of Ossining Mayor William Hanauer, County Legislator William Burton, T.B. Flats project manager Darryle Hawes and other officials in cutting a ribbon to mark the completion of the condominiums and the availability of these new affordable housing units.
The 12, one- and two-bedroom units in the newly renovated building are located at 135-139 Main Street. This homeownership opportunity is available to households that meet the county’s Area Median Income qualifications of $59,000-$84,200 – an annual range that varies according to the number of persons in the household.
“The revitalization and renovation of this historic bank building in Ossining is an example of the county’s creative approach to providing much needed fair and affordable housing opportunities in Westchester – residential opportunities that match the character and quality of the community,” said County Executive Andy Spano. “Preserving the architectural beauty of a building that had been vacant for 25 years is as much about the future as it is the past. The renovation has given this building new life.”
Two of the condominiums are duplexes, and each unit has an open and unique floor plan, high ceilings, arched windows, energy efficient appliances, and private storage space. The building will include ground level commercial space and is convenient to Metro North, the Bee-Line bus stop, bike and walking trails, restaurants and shopping.
“The six one-bedroom and six two-bedroom affordable condominium units are very welcome in Ossining, as they will enhance the neighborhood, and will make homeownership a reality for twelve income-eligible households,” said Legislator William Burton.
The total development cost is $4,639,513. The building’s purchase price was offset by over 1 million in county administered funds: $722,000 from the New Homes Land Acquisition, a $866,000 federal grant from the Home Investment Partnership Program (HOME) and $ 240,000 in Community Development Block Grant funds. The developer, Ossining T.B. Flats, LLC, contributed $138,000, the cost equivalent to the value of the commercial portion of the building. The condominiums must remain affordable for 40 years.
“The adaptive reuse of this building is crucial to the economic redevelopment of our historic downtown business district. These affordable condominiums will generate business and add new life to our downtown,” said Ossining Mayor Hanauer.
The purchase price for the 617- to 838-square foot one-bedroom condominiums range from $173,000 to $185,000. The two-bedroom 848- to 1,227-square foot apartments are priced from $206,150 to $212,717. New York State Affordable Housing Corporation (AHC) loans are available to assist in the down payment costs of up to $40,000 for income-eligible buyers. For an application or additional information phone the Housing Action Council at (914) 332-4144.
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