The first phase of the affordable housing complex Croton Heights Apartments, on Ashburton Avenue in Yonkers, is ready for occupancy, but the next phase of the plan may be stalled. Demolition of the 550-unit Mulford Gardens, which the second phase of Croton Heights will replace, has begun, but the starting dates for the buildings to go up in its place are now uncertain because of financing trouble. Financing for the project’s construction depends on the developer Richman Group Development’s sale of federal tax credits to lenders, according to the Yonkers deputy commissioner of planning, but many banks and investment houses that have invested in affordable housing have stepped back because of the subprime mortgage crisis. The city has received $20 million in federal money for the project, but faces expenses before construction can start, including demolition costs and $22 million needed to replace old water mains and sewer systems in the area.
Next phase of Yonkers project may be stalled
TRD New York /
Jan.January 12, 2009 09:11 AM