Thursday, October 1, 2020

Governor Cuomo Announces Completion of $95 Million Mixed-Use Affordable Housing Development in Westchester County


22 South West Street Brings 189 Affordable, Energy-Efficient Apartments to Downtown Mount Vernon Adjacent to Metro-North Train Station 

Governor Andrew M. Cuomo today announced the completion of 22 South West Street in downtown Mount Vernon, a nearly $95 million, 189-apartment mixed-use development with ground floor retail space that is immediately adjacent to the Mount Vernon West Metro-North Station.  

"For many New Yorkers, the economic recovery from the pandemic is tied directly to the availability of quality affordable homes with easy access to transit, jobs and services," Governor Cuomo said. "This new supportive housing development continues our commitment to investing in communities across the state have access to safe, new and affordable housing."

"Now more than ever, we want to ensure that all New Yorkers have access to affordable housing and a good roof over their heads," Lieutenant Governor Kathy Hochul said. "The completion of the $95 million apartment complex in Mount Vernon, which is easily accessible to the Metro-North Station, is helping to transform the city's downtown and provide units for individuals and families with mixed incomes. The development is part of our ambitious five-year, $20 billion housing plan to add affordable housing across the state and help combat homelessness to build back better and enhance quality of life in our communities."

22 South West Street is part of Governor Cuomo's unprecedented $20 billion, five-year affordable Housing Plan administered by New York State Homes and Community Renewal. The $20 billion plan reflects a commitment to providing all New Yorkers with access to safe, affordable housing, making housing more accessible and combatting homelessness by building and preserving more than 100,000 affordable apartments and 6,000 units of supportive housing. 

22 South West Street is central to the Mount Vernon Revitalization Plan, which is transforming the city's downtown into a vibrant, walkable community that mixes transit-oriented higher-density housing with retail and other commercial activity. The development is adjacent to the Mount Vernon West Metro-North Station which offers a quick commute to Grand Central Terminal in New York City.  

The 17-story building has a shared outdoor terrace and indoor recreation area, a fitness center, washer/dryers in all units, plus a shared laundry facility and a children's playroom. There are 149 below-grade parking spaces and more than 4,000 square feet of ground floor retail space along South West Street. 

The mixed-income apartments are reserved for households within a range of incomes: 32 are for households earning 50 percent or less of the Area Median Income (AMI); 99 are for households earning 60 percent or less of the AMI; 27 are for households earning 80 percent or less of the AMI; and 30 are for households earning up to 110 percent of AMI. One apartment is set aside for the superintendent.  

The development reclaimed a former auto mechanic and gasoline station thanks to the New York State Department of Environmental Conservation's Brownfield Clean-up Program which remediates man-made environmental hazards. The building was designed to achieve LEED Silver certification.  

HCR's financing for the project included $26 million in permanent tax-exempt bonds, state and federal Low-Income Housing Tax Credits that generated nearly $32 million in equity and approximately $26 million in subsidy.  The New York State Energy Research and Development Authority provided over $133,000 through its New Construction Program and nearly $180,000 through its Combined Heat and Power Program. Other funding includes a payment in lieu of taxes agreement with the city. The developer for 22 South West Street is MacQuesten Development, LLC.  

Since 2011, HCR has invested more than $1 billion in 130 developments to create or preserve nearly 13,000 affordable homes and apartments in the Mid-Hudson Region, including nearly $800 million in Westchester County to support nearly 7,500 homes for more than 20,000 people. The State investment has leveraged nearly $1.9 billion in other funds for these Mid-Hudson Region developments.  

HCR Commissioner RuthAnne Visnauskas said, "Thanks to Governor Cuomo's commitment to affordable housing and to the health, safety and economic endurance of New York State, HCR maintained our momentum throughout the pandemic crisis. The completion of 22 South West Street is evidence of that commitment, and the vision and hard work on the part of the state, the city of Mount Vernon and our development partners. This once environmentally-damaged property in the heart of Mount Vernon has been transformed into 189 affordable, energy-efficient homes that will bring lasting, beneficial change to the heart of the city."   

DEC Commissioner Basil Seggos said, "New York's Brownfield Cleanup Program is advancing the restoration of former industrial sites in communities across the state and putting hundreds of underutilized properties back into productive use. The cleanup of brownfield properties like the former Repetti Service Station site in Mt. Vernon is critical to safeguarding public health, protecting the environment, and redeveloping community assets. The 22 South West Street project will bring critically needed quality affordable housing opportunities to downtown Mt. Vernon, helping to energize the local economy and improve quality of life."     

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