County Board Approves Funding for Senior Affordable Housing in Croton-on-Hudson
FOR IMMEDIATE RELEASE: October 23, 2007
Contact: Barbara Dodds, Committee Coordinator, Tel: (914) 995-4429
At its meeting last night, the County Board authorized the issuance of $791,000 in bonds to help build affordable housing for seniors in Croton-on-Hudson. The development, the Symphony Knoll Senior Affordable Housing, will be built to be consistent in density and character with the nearby residential neighborhood and will feature 11 apartments, all handicapped-accessible, with rents ranging from $790 to $960 per month. The development targets households with incomes at or below 50% to 60% of the county's adjusted median income.
By a vote of 16-1 (Oros, no), the County Board authorized $408,000 under the New Homes Land Acquisition Program (NHLA) toward the purchase by the county of the 4-acre building site at 15-25 Mount Airy Road, currently owned by the village. The county will subsequently convey the property to the developer for one dollar. By a unanimous vote, the County Board approved $383,000 under the Housing Implementation Fund (HIF) to finance infrastructure improvements to the property.
The recent maturing of mortgages under the state’s Mitchell-Lama Housing Program, resulting in many affordable units in Westchester going to market-rate rents, has led to heightened concern about the affordability period for subsidized housing. With Symphony Knoll, the county addressed this concern by extending the period of affordability to 50 years, the longest term yet of any project the county has subsidized. It also lowered the eligibility age in an attempt to make affordable housing available to the wider range of people who need it.
“What makes this project particularly satisfying is that instead of 60 or 65, the units will be available to seniors starting at age 55,” said County Legislator Lois Bronz (D-Elmsford), chair of the Housing, Planning and Government Operations Committee. "While in reaction to an aging population, we're seeing a growing number of "active adult" communities being offered at market-rates, those are geared toward those who can afford such housing. Symphony Knoll will help to serve the overwhelming number of seniors who desperately need affordable rental housing."
The project will be constructed using “green” building techniques that are energy and environmentally friendly. Each unit will have a terrace and the building will have a community room, extra storage and other amenities.
Legislator William Burton (D-Ossining), whose district includes Croton-on-Hudson, strongly advocated for the Board's support for the project. “There is nothing not to like in this project," said Burton. "Particularly, we have in Symphony Knolls a successful legislative push that recognizes the importance of ensuring that county-supported housing remain affordable for as long as possible.”
The NHLA and HIF are county programs created to stimulate the production of affordable housing in furtherance of the county's housing policy objectives. In addition to county funds, the development will be financed through Industrial Development Agency tax-exempt bonds, federal HOME funds as well as the developer’s tax credits and contribution. The development team is headed by the Croton Housing Network, Inc.
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