Housing organization seeking partners
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- March
- 7
Community Housing Innovations Inc. of White Plains is seeking private partners to take a stake in nine low-income housing buildings in Mount Vernon, Yonkers and Peekskill that it wants to renovate.
CHI says it needs the investors to help pay for $1.48 million in energy renovations to the buildings, including efficient boilers and roofing. The buildings can’t pay for the improvement themselves because the rents on the 153 units average a below-market $855 a month, CHI Executive Director Alexander Roberts said.
The agency plans to form a for-profit affiliate that would own the buildings, with CHI as general partner and manager. The attraction to investors would be low income housing tax credits that are available with the project.
CHI appeared this week before the Westchester County Industrial Development Agency, which gave tentative approval to incentives for the proposal. CHI is looking for a $7.04 million bond to pay off an existing $4.86 million bond the IDA approved in 2001 for the buildings.
The IDA vote included $352,000 in mortgage tax, sales tax, and real estate tax benefits.
Roberts said he hoped to finish the deal and start the renovations by July. The buildings are: 54-58 S. 2nd Ave., 70 E. 4th St., 211-213 Franklin St., all in Mount Vernon; 33 Victor St., 170 Willow St., 22-24 Chestnut St., 25 Oak St., a.k.a. 56 Chestnut St., and 24 Pier St., all in Yonkers; and 400-404 South St. in Peekskill.
This entry was posted
on Friday, March 7th, 2008 at 5:17 pm by Jerry Gleeson.
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