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

February 03, 2011 01:32PM

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