The entity Claudius Development LLC based in Pleasantville plans to seek approvals to expand the size of an affordable housing building it plans to construct on a site at 372 Riverdale Ave., and 13 Culver St. in Yonkers. The project has been approved for 105 apartments and John Saraceno representing Claudius told the Yonkers Industrial Development Agency (YIDA) that they plan to seek approvals to expand the project to include 145 apartments.
The YIDA at its Sept. 11 meeting voted to begin the process of considering a request from Claudius for financial incentives. Claudius said it would be seeking a 30-year PILOT (payment in lieu of taxes) agreement along with sales tax and mortgage recording tax exemptions from the YIDA.
According to Saraceno, the apartments would be priced to be affordable to tenants earning at or below 60% of the Area Median Income. He gave as examples of the pricing structure a studio apartment with a rent of $722 a month and three-bedroom unit being priced at $2,511 a month.
Rendering of affordable housing building proposed for site at 372 Riverdale Ave., and 13 Culver St. in Yonkers.
The proposed building would be 15 stories tall. The expanded unit mix would include 14 studios, 44 one-bedroom, 72 two-bedroom and 15 three-bedroom apartments. A two-bedroom apartment would be set aside for the building superintendent. Thirty-one of the one-bedroom apartments would be reserved for seniors with special needs. Amenities would include a community room, a laundry room, bike storage, and outdoor space including a dog walk park.
“The unit mix has been designed to accommodate a broad range of household sizes,” the developer said in a document provided to the YIDA. “Tenants will have access to shared amenity spaces including a community room, property manager’s office, laundry room, bike storage, outdoor space including a dog walk park. The building will also incorporate building services including trash, utility, mechanical, and superintendent workshop areas.”
The building would be fully electric with all appliances, lighting, and heating systems Energy Star rated. Water conservation fixtures would be used throughout the building. Claudius said that the design quality and energy efficiency of the project will set it apart from older affordable and market-rate properties within the area.
Claudius said that it is in the process of applying to the New York State Department of Environmental Conservation for acceptance into the Brownfield Cleanup Program (BCP). It said that contamination exists on the site from previous usage. It said that it would use brownfield tax credits available under the BCP as part of the financing package for the project, which also would include government subsidies, tax credit equity, and subordinate debt.
Claudius said that financing sources also would include funding through Westchester County’s Neighborhood Housing Assistance program and Housing Implementation Fund, Low Income Housing Tax Credits allocated by New York State Homes and Community Renewal, and a subordinate subsidy loan through New York state.
“The redevelopment of this brownfield site will transform an underutilized parcel into a vibrant residential community, consistent with the City of Yonkers’ goals for urban renewal and environmental remediation,” Claudius said.