Verus Development will receive a $56.8 million incentives package to facilitate the completion of a new affordable rental property for low-income seniors at 345 McLean Avenue in Yonkers, New York. The 12-story building will feature 105 apartment in studio, one-, and two-bedroom layouts, all reserved for seniors 62 years and older with an income at or below 60 percent of the area median income.
Amenity spaces will include a community room equipped with computers, a library, recreational space, a shared laundry room, and bike storage. Residents will also have access to 53 parking spaces. Renderings show the structure featuring a straightforward massing and a façade composed of a mix of red brick and gray paneling.
“This exciting project will provide much-needed affordable housing for senior citizens while creating new construction jobs,” said Yonkers Mayor Mike Spano. “With a private investment of nearly $57 million, this development is an example of how the Yonkers IDA is working to help create new housing and jobs for our city’s economy.”
The incentives package was granted preliminary approvals by the Yonkers Industrial Development Agency (IDA) earlier this month. The developer specifically requested a 30-year property tax abatement.
The project is expected to create 125 construction jobs.
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