WPCNR THE HOUSING NEWS. By John F. Bailey. November 11, 2005: According to Donna Greene, Assistant Director of Communications for Westchester County, the senior housing project proposed for the corner of Quarropas and Court Streets is expected to cost $55 Million.

SITE OF COUNTY'S PROPOSED $55 Million SENIOR HOUSING PROJECT: Quarropas & Court Streets. County Office Building is in the background. Photo by WPCNR News.

The 200-unit project, introduced last week by County Executive Andy Spano and  Chairman of the Board of County Legislators William Ryan will be built by The Bluestone Organization, managed by Hanac, a non-profit agency based in New York, and partially funded in some manner by Enterprise  Social Investment Corp. It has been designed by SLCE Architects of New York, designers of the Hudson Park project on the Yonkers waterfront, (with Collins Brothers the developer).

The Affordable Housing Building Design. Photo, Courtesy Westchester County Department of Communications.

Ms. Greene told WPCNR the financial package has not been put together yet.

 Ms. Greene was able to provide these details  from the County Department of Planning on how the county was going to fund this project:

"The County Planning Department told me, it is our understanding that the development team will look to access a variety of financing resources, including Low-Income Housing Tax Credits.

To our knowledge, a final financing package is not yet in place as it is very early still in the process. Once the financing package is put together, then the development team will have a much better idea of the equity needed to make the development viable.

The actual ownership entity of the project typically includes a partnership set up to own and operate the building. HANAC, as the nonprofit sponsoring the project, will be involved as a general partner and will bring its expertise in owning and managing elderly housing projects to this development."

Mr. Spano and Mr. Ryan, when they announced the selection of the county partners in the project, said the county would be selling the land to the group for $1 Million, (though it is valued at $10 Million). When you add the discount on the land price, the cost of the development goes to $64 Million or $320,000 per unit, approaching the selling price of condominium apartments now available to buy in White Plains, and approaching the costs to build commercial apartment and condominium projects recently completed in White Plains.

The project will make 120 of the 200 units available to senior households earning no more than 50 or 60% of the county's median income. The remaining 80 units will be for households earning up to 80% of the median income. The Department of Housing and Urban Development reports, a single person can earn up to $32,700 at 50% of median income; $39,250 at 60% and $52,300 at 80% (of median income).

The Senior Project is expected to come before the White Plains Common Council in the near future, which has sole discretion as to whether to approve the project.

The site plan:

Photo, Courtesy, Westchester County Department of Communications.