New Rochelle, NY—Steven D. Horton, Executive Director of the New Rochelle Municipal Housing Authority, announced today that the Housing Authority has filed an application for funding with the New York State Housing Finance Agency.
The planned Redevelopment of the Robert Hartley public housing complex has secured all necessary local approvals, culminating with a sales tax exemption approved by the Industrial Development Agency (IDA). These approvals include:
- City Council Re-affirmation of Negative Declaration of the FEIS (Final Environmental Impact Statement)
Planning Board Site Plan Approval - City Council authorization to apply for HIF (Housing Implementation Funds) from the County
City Council approval of a Phase I PILOT (Payment in Lieu of Taxes) Agreement
IDA approval of a sales tax exemption
“As a result of the collaborative work of the City, the Developer and the Housing Authority, we are now in a position to seek financing,” said Steven D. Horton.
Last week, the project- to be known as Heritage Homes- submitted an application for funding to the New York State Housing Finance Agency (HFA). The application seeks $17,140,000 in tax-exempt bonds financing, and $4,585,000 in additional subsidy from HFA. These funds will be leveraged with low-income housing tax credits and $992,000 in subsidy pending from the Westchester County HIF for a total development cost of $38,077,783. A narrative description of the project is attached.
The project will be developed and built by the MacQuesten Companies of Mt. Vernon, NY in partnership with a NRMHA newly-created development subsidiary. The MacQuesten Companies have developed over 700 units of affordable housing in New York City and Westchester County. The company is a Women-owned Business Enterprise (WBE).
“I am excited about being selected by the Housing Authority to participate in this truly worthwhile project,” said Ms. Rella Fogliano, owner of the MacQuesten Companies. “This project will transform the community and provide an affordable housing resource for New Rochelle for decades to come.”
Mayor Noam Bramson said of the project, “Heritage Homes will enhance New Rochelle’s affordable housing for many years to come. The most direct beneficiaries will be Hartley residents whose neighborhood will dramatically improve, but all residents of the area should also experience higher property values and a better quality of life.”
“The redevelopment of Hartley Houses presented the Housing Authority with the opportunity to seriously think about what an affordable and sustainable community should look like. We have taken that opportunity to design a community that is affordable, environmentally sustainable, that includes good architectural features. We believe this project will serve the existing and future residents well into the future.” According to Ms. Elisa Singer, the Housing Authority Chairperson.