Public-Private Partnership Creating Affordable Senior Housing in Ossining
In what is an unprecedented Westchester County public-private partnership, BCW Member MacQuesten Development broke ground on Crescent Manor, a new construction project of 73 affordable senior housing which includes one live-in Superintendent’s unit.
The building has been designed for seniors to age in place. It will be a low-rise elevator building, with 79 on-site parking spaces at 136-140 Croton Avenue in the Village of Ossining, NY. The 73 apartments are affordable to individuals and couples ages 62 and over. The apartments are made up of 33 studios,40 one-bedroom. Rents are set at 40%, 50% ,60% of the Westchester AMI. Free Parking and free utilities. Residential amenities include free WIFI, indoor and outdoor recreation space plus a fitness room. There will be ground floor retail space as well as lower level community space.
“I am proud to continue to build much-needed affordable housing throughout the great County of Westchester which will support the vitality of diverse communities and serve mixed demographics. Affordable senior housing is especially near and dear to my heart,”’ said Rella Fogliano, MacQuesten’s President & CEO. The groundbreaking was held May 21.
” This project will enable Ossining and Westchester’s residents to age in place while adding to the economic vibrance of the downtown -waterfront area” The county of Westchester financed this important project 100 percent. Thank you, County Executive Jenkins, for your vision,” said Joseph Apicella, MacQuesten’s Executive Vice President.
Westchester County Executive Ken Jenkins said, “Public-private partnerships make a successful project like Crescent Manor come to life and give a wonderful community like Ossining the ability to offer housing and a thriving community to all residents.”
The apartments will target Seniors aged 62 and over with incomes at or below 60% of the area median income (AMI). Westchester County has supported the development in numerous ways – issued $25 million of tax exempt bonds, New Home Land Acquisition Fund, Flex funds, HOME funds and a PILOT-which reduces the burden of local and state sales taxes during construction as well as lowering real estate taxes for thirty (30) years.
Through CREA, a national affordable housing investment company, CVS Health invested $24 million in Crescent Manor through the purchase of Low Income Housing Tax Credits and New York State Brownfield Credits. CVS has invested $60MM in affordable housing across the state of New York over the past 5 years.
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