The Westchester County Industrial Development Agency has given its final approval for financial incentives to support the construction of a $44.5 million affordable housing project designed exclusively for seniors aged 62 and older. The project, called Crescent Manor Ossining, will occupy a currently vacant site located at 136-140 Croton Avenue in Ossining.
Crescent Manor Ossining is planned to stand 3.5 stories tall and yield 74 units of affordable senior housing, catering to individuals at 40 to 60 percent of the area median income. Additionally, the project includes provisions for up to 3,500 square feet of retail and flexible community space.
The residential inventory will feature 33 studio units, 40 one-bedroom units, and one two-bedroom unit reserved for the building superintendent. Amenities will include a fitness room, computer room, community room, and a shared laundry room, along with two levels of parking for residents.
The project’s developer, Macquesten Development, will benefit from the financial incentives issued by the IDA, including a sales tax exemption of $1,216,462, a mortgage recording tax exemption of $232,460, and a real estate tax exemption facilitated through a Payment in Lieu of Tax agreement, amounting to $5,382,643. The project is anticipated to create 159 construction jobs, with 43 percent being Westchester hires, and 30 percent of capital expenditures will be procured within the county.
Construction is scheduled to begin in April 2024, with an expected completion date of August 2026.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
Be the first to comment on "Westchester IDA Grants Incentives Approval for Senior Housing Project at 136-140 Croton Avenue In Ossining"