At the beginning of August, the Yonkers Industrial Development Agency voted to approve financial incentives for a pair of affordable senior housing projects around the city. Together, the projects represent a $22.4 million investment and will support over 170 apartments for low-income seniors.
The first project at 155 Elliot Avenue involves the conversion of an abandoned synagogue and a vacant neighboring lot into a three-story rental property. The building will comprise 24 units with floor plans that range from studios up to three-bedroom layouts, and all of the apartments will be ADA compliant.
The anonymous developer, represented at 155 Elliott LLC, will preserve the building’s existing façade, but renovate and expand its decaying interior spaces. Total project costs are estimated at $5.4 million.
Daytime view of Monastery Manor Senior Apartments
The second project, located about two miles north of the synagogue redevelopment, is located at 1 Father Finian Sullivan Drive, also in Yonkers. The $16 million scope of work will improve existing amenity spaces at the Monastery Manor Senior Apartments, which currently houses 147 one-bedroom apartments for low-income seniors.
Improvements include laundry room, security, elevators, and community room.
Monastery Manor Associates, the incentives applicant, received final approval of a mortgage recording tax exemption of $255,000 and a seven-year extension on their existing PILOT agreement, which allows them to refinance the project and maintain it as affordable senior housing.
Established in 1982, the Yonkers IDA has worked to create economic development and job growth throughout the city. It has done this primarily by granting incentives and supporting zoning amendment changes that facilitate the development of new businesses and quality affordable housing.
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It is very good to remember the Seniors who created the wealth of these states. Some seniors loss financially and some gain but they are still seniors. Remember the ones who loss financially on the NYSE.
Yes yes something for the senior that what i.am talking bout. Thank you
Hey ,I’m a senior how can I get in 62 & retired.