Developer hopes to secure tax break as part of Mount Vernon Section 8 renovation proposal

A developer plans to buy and renovate an apartment complex in Mount Vernon if it’s able to get a tax break, LoHud reported. If the proposal is accepted, K&R Preservation would renovate 100 Section 8 apartments at the Oakwood Gardens complex on Lincoln Avenue. The developer presented its plans to the Mount Vernon Industrial Development Agency, which hasn’t made a decision yet. “The goal of this project is to preserve the Section 8 affordable housing for years to come and considerably improve the quality of life for the tenants beyond the basics,” K&R said. The terms of the payment in lieu of taxes requested would be equivalent to five percent of the apartment complex’s rental revenue minus operating expenses. [LoHud]