WPCNR COUNTY CLARION-LEDGER. From The Westchester County Board of Legislators. (EDITED) September 12, 2006: The building of 200 units of state-of-the-art affordable housing for senior citizens at a projected cost of $55 Million in the White Plains downtown was approved by the County Board of Legislators last night.
The Grand Avenue Board of Elections (former Post Office) Parking Lot -- Site of new affordable Senior Housing Project approved Monday night. The Michaelian Building is in the background. Photo, WPCNR News Archive.
By a vote of 12-5, the Westchester Board of Legislators, authorized the leasing of County property on the corner of Quarropas and Court Streets for a fee of $1.6 Million for at least 65 years to the HANAC-Bluestone Company, which will build and manage the housing.
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“Finally!” County Chair of the Board of Legislators Bill Ryan exclaimed after the vote. “It’s taken far longer than it should have, but at last this critical housing will be a reality. I want to thank my colleagues who looked beyond partisan politics and stood up for Senior Citizens by addressing a critical need in White Plains.”
The project, which will be constructed utilizing environmentally-friendly “green technology,” has been praised by a majority of the White Plains Common Council, the Business Council of Westchester and advocates for Senior Citizens and for Affordable Housing. It’s designed to be a model for other municipalities.
“White Plains has seven Senior Citizen housing complexes, each of which has lower income eligibility limits and a long waiting list,” Ryan said. “The needs of moderate income Senior Citizens have been neglected, not only in White Plains but throughout the County. This new housing will begin to change all that and will allow more Senior Citizens to continue to live in communities where they’ve put down their roots.”
Barring any delays in the local approval process, the housing will be ready for occupancy sometime in 2008.
Costs: $55 Million -- $275,000 per unit.
WPCNR notes that the project "primary financing," of $55 Million (as of last spring according to the Westchester County Department of Communications), and according to a February 22, 2006 letter describing the project from County Executive Andy Spano, "will be provided through a mixture of New York State tax exempt bonds, tax credits and low interest loans. Enterprise Social Investment Corporation, a well-regarded tax credit syndicator, will participate in the financing, along with Citigroup."
As originally reported by WPCNR, when the selection of the county partners in the project in the Spring of 2005, 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).
“This is a true victory for moderate-income senior citizens of White Plains,” Ryan said. “It was worth waiting for and worth fighting for. This is the most significant housing project to be proposed in White Plains in recent history. Getting this accomplished is one of our most important achievements as a County Legislature.”
