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Affordable Townhouses Near Completion in New York
Published: August 30, 2007
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By Kelly Sheehan, Online News Editor
New Rochelle, N.Y.—The New Rochelle Neighborhood Revitalization Corp. (NRNRC) has announced that the organization will hold a ribbon-cutting ceremony for the Town Houses at West End, a $10-million, 25-unit affordable townhouse development in New Rochelle, N.Y.
These units are the first phase of what is believed to be the largest planned affordable housing complex in New York’s Westchester County. The $40-million development will ultimately consist of townhouses as well as environmentally friendly seniors housing. Units will feature front porches as well as front and rear yards in an effort to integrate the complex will the rest of the county.
A public/private partnership was forged between the city of New Rochelle and NRNRC to build the community. First, the city declared the development’s site an urban renewal area, and then subsidy layering was used to make the townhouses affordable to first-time homebuyers earning up to 80 percent of the Area Median Income (AMI).
Funding was provided by several institutions, including the U.S. Department of Housing and Urban Development (HUD), the city of New Rochelle, Westchester County New Homes Land Act bonds, Housing Implementation Fund bonds and McKinney Act funds.
