Next phase of Yonkers project may be stalled

New York /
Jan.January 12, 2009 09:11 AM

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.


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Floor & Decor CEO Thomas Taylor and 4 Henry St in Commack (Floor & Decor and Google Maps)
Floor & Decor moving into site of shuttered Target in Commack
Floor & Decor moving into site of shuttered Target in Commack
Photo Illustration of Donald Trump (Illustration by Kevin Rebong for The Real Deal)
Treasury Department must give Trump’s tax returns to Congress: DOJ
Treasury Department must give Trump’s tax returns to Congress: DOJ
Anderson Cooper is selling the apartment of his late mother Gloria Vanderbilt (Getty, Corcoran)
Gloria Vanderbilt’s Beekman Place apartment lists for $1.1M
Gloria Vanderbilt’s Beekman Place apartment lists for $1.1M
Columbia Property Trusts CEO Nelson Mills (iStock)
Columbia Property Trust reports first net loss of pandemic
Columbia Property Trust reports first net loss of pandemic
Mayor Steven Fulop (Getty, iStock)
Jersey City to provide up to $10K more rent relief per tenant
Jersey City to provide up to $10K more rent relief per tenant
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...