New Low-Income Seniors Housing Project Planned for Staten Island
Staten Island, N.Y.–Government officials, a not-for-profit group, and a Staten Island-based developer recently announced plans for a new housing project that will consist of 39 one-bedroom units for financially needy senior citizens.
The six-story building will be located in the St. George section of Staten Island, with construction slated to begin this month, and scheduled for completion in Spring, 2011.
The apartments are targeted to serve the elderly population, 62 years and over that is in need of affordable housing, says R. Randy Lee, CEO of Leewood Real Estate Group, one of the co-developers of the project. Tax credit rents will average from $750 to $800 per unit, but since the property will receive project-based Section 8 funding from the New York City Department of Housing Preservation & Development, rents will fall more in the $100 to $150 a month range, so seniors who may have held low-paying jobs throughout their working lives, and are living on social security, will find the apartments within their means, Lee says.
Victory Fielder Housing Development Fund Corp. is Leewood’s development partner. The Staten Island Borough President’s office also provided a $1.5 million grant. The project has also received Federal Low Income Housing Tax Credits, with WNC & Associates as the equity investor. Northfield Bank, a Staten Island-based community bank, provided the construction financing.
The units will have full GE kitchens, and will be outfitted with energy-efficient Low-E glass windows. The building will feature an onsite laundry area, program space, and a local service provider, Community Agency for Senior Citizens, will have an office onsite.
“The Staten Island Ferry is close by, as well as a number of stores,” Lee says.