Yonkers agency, L+M Development to create new affordable housing

New York /
Feb.February 03, 2011 01:32 PM

The board of Yonkers Industrial Development Agency, or IDA, unanimously voted to finalize a set of economic development incentives for the construction of 77 rental units in a seven-story building at 47-75 Ravine Avenue between Point and Gold streets. The $25.6 million project is being developed by the non-profit Center for Urban Rehabilitation, or Cure, and L+M Development Partners. “Cure and L+M listened to the needs of the local community and are developing a terrific living space in which families will thrive,” said Mayor Philip Amicone, chairman of the Yonkers IDA. Cure and L+M plan to build seven studios, and 19 one-bedroom, 38 two-bedroom and 13 three-bedroom rental apartments, for which families with incomes up to 80 percent of the Area Medium Income would be eligible. The developers, in partnership with the City of Yonkers, will also restore the adjacent abandoned Irving Park. The developers have also agreed to offer residents who currently reside at 55, 57 and 61 Ravine Avenue — buildings that will be demolished to make way for the new complex — the opportunity to relocate to the new building or to comparable housing elsewhere. TRD


Related Articles

arrow_forward_ios
A rendering of 165 Broome Street (Credit: Handel Architects)
Nonprofit plans affordable housing development near Essex Crossing
Nonprofit plans affordable housing development near Essex Crossing
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
Shelter Island and Town Supervisor Gerry Siller (iStock, Town of Shelter Island)
Shelter Island prices squeezing out affordable housing
Shelter Island prices squeezing out affordable housing
An aerial of the Pascack Ridge development (Google Maps)
Large Rockland development project suffers setback in court
Large Rockland development project suffers setback in court
MacQuestion Development CEO Rella Fogliano, 32/36/38 Main Street in Yonkers (Google Maps, Getty)
Despite hurdles, developer plans 10-story affordable housing complex in Yonkers
Despite hurdles, developer plans 10-story affordable housing complex in Yonkers
Sen. Chuck Schumer, President Joe Biden, Congresswoman Nancy Pelosi and House Ways and Means Chairman Richard Neal (Getty/Illustration by Kevin Rebong for The Real Deal)
5 real estate issues to watch in Dems’ $3.5T budget
5 real estate issues to watch in Dems’ $3.5T budget
Controversial project replacing Brooklyn McDonald’s poised for approval
Controversial project replacing Brooklyn McDonald’s poised for approval
Controversial project replacing Brooklyn McDonald’s poised for approval
President Joe Biden (Getty)
Biden to change rules to boost affordable housing
Biden to change rules to boost affordable housing
arrow_forward_ios

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

Loading...