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 Yonkers, NY - Highland Avenue Senior Apartments, a new building with 88 units of senior rental housing, recently held a ribbon cutting ceremony onsite at 34 Highland Avenue in Yonkers.
Many local officials were present, among them NYS Division of Housing & Community Renewal Commissioner Deborah Van Amerongen, the NYS Housing Finance Agency’s Assistant VP for Multi-Family Finance Gary Carriero, Senator Andrea Stewart-Cousins, Yonkers City Council President Chuck Lesnick, Yonkers City Councilwoman Patricia McDow, NYS Department of Labor Representative Richard W. Thomas, Assemblyman J. Gary Pretlow, and Yonkers Deputy Mayor William Ryan.
Highland Avenue Senior Apartments was developed through the New York State Division of Housing and Community Renewal (DHCR) Home for Working Families Program, New York State Housing Finance Agency’s (HFA) issuance of private activity bonds and its Empire Funds, proceeds from Low-Income Housing Tax Credits purchased by First Sterling Inc., as well as tax related benefits through the Yonkers Industrial Development Agency.
In Westchester County, there is a critical need for affordable housing. Even with the slowdown is housing prices, the median cost of a single family home is still over $670,000 ($400,000 for a condominium and $470,000 for multiple family homes with two-four units).1 Rents are also high with the average studio at $1,000, one bedroom at $1,200, and two bedroom at $1,350.2 Highland Avenue Senior Apartments will provide much needed affordable housing for older adults.
Debroah VanAmerongen, Commissioner of DHCR said, "DHCR is proud that our Homes for Working Families Program is helping Yonkers seniors afford safe, quality housing. Developments like Highland allow older adults to live comfortably in the places they call home and continue contributing to the vitality of their communities."
All of the apartments have been set aside for households in which at least one of the occupants is at 55 years of age or older. Seventeen of the building’s units have been set aside for households with annual incomes from $28,114 to $40,650 (50% of area median income for Westchester County). Seventy units are designated for households with annual incomes from $34,114 to $48,780 (60% of area median income for Westchester County).
"Providing quality affordable housing to all Yonkers residents – young and old – is a priority for the Yonkers IDA and Mayor Amicone,” said Ellen Lynch, President and CEO of Yonkers IDA. “The benefits of projects like Highland Avenue Senior Apartments are many. They give our seniors – many of whom are lifelong residents – the opportunity to remain in the City they love in comfortable, safe and reasonably priced surroundings after they move out of their two and three bedroom homes which are now too big for them. This also creates new housing opportunities for the young families in our growing workforce and helps to reinvigorate our neighborhoods. The Yonkers IDA is pleased to partner with Macquesten on this wonderful project."
A full time building superintendent will reside in the building. Eligible households that include frail older adults will receive preference for 15% of the units. Building amenities include a laundry room, community room with a warming kitchen, parking spaces, and GE Careguard monitors in each apartment that enable seniors to contact medical personnel or loved ones in case of emergency. Also, the owners have entered into an agreement with Family Services of Westchester who will conduct free seminars from time to time to address concerns of the elderly such as financial, safety, and medical. The building is easily accessible to bus and train transportation.
Priscilla Almodovar, President and Chief Executive Officer of the NYS Housing Finance Agency, said, "Providing housing that our most vulnerable citizens can afford is one of the core missions of the New York State Housing Finance Agency and part of the Paterson's Administration's vision of making New York State the best place to live and work. That is why we were proud to provide $12.7 million in financing for the Highland Senior Apartments. This development will provide new, one-bedroom homes for 88 senior citizens of Yonkers, including 14 units that will be set aside for the frail elderly. I congratulate Highland Residence LLC and the City of Yonkers for making this project happen."
The building was developed and constructed by the Macquesten Companies, an affordable housing developer/builder in Mount Vernon. Rella Fogliano and Joseph Breda of Macquesten, along with Leonard Shendell and Joel Gendels, will retain an ownership interest in the property through their affiliate, Highland Senior Residence LLC. First Sterling Financial Inc, as Equity Investor, is the Special Limited Partner and will maintain an ownership interest for 15 years. The owners have agreed to maintain the building as affordable for 50 years.
Applications may be requested by mail only, from Cornell Pace Inc., 542 Main Street, 2nd floor, New Rochelle, New York, 10801; applicants must include a self-addressed legal-size envelope with their application request. Completed applications must be returned by regular mail only to a post office box number that will be listed in the application, and must be postmarked by October 29, 2008. Applications will be selected by lottery. Eligible Households with Section 8 Vouchers will be accepted.
1 Westchester County Board of Realtors – 2008 Second Quarter Report
2 Department of Housing and Urban Development
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