Affordable Senior Community Opens in Yonkers
The 60-unit building combines Passive House characteristics with modular construction technology.
La Mora Senior Apartments, a 60-unit fully affordable senior housing community, has opened in Yonkers, N.Y. Co-developed by the Municipal Housing Authority of the City of Yonkers and the Mulford Corp., the age-restricted property serves residents aged 62 and over earning at or below 60 percent of the area median income.   Â
The community came online on a vacant parcel owned by MHACY, which was previously occupied by Longfellow Junior High School. The property is subject to 99-year non arms-length unsubordinated net ground lease, according to Yardi Matrix data.
The partners developed the four-story building by combining Passive House standards with modular construction technology. La Mora Senior Apartments features low-flow plumbing fixtures, ENERGY STAR appliances, individual high-efficiency electric heat and cooling systems, LED lighting, a central electric hot water heating and distribution system and an emergency generator.
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The building incorporates 57 one-bedroom apartments and three two-bedroom units. Common-area amenities include a fitness center, two business rooms, a community room, a landscaped courtyard, a rooftop deck, laundry facilities, an emergency call system, a 24-hour security system, storage units and approximately 30 parking spaces.
The Yonkers Office for the Aging Residents will provide such services as case management, home-delivered meals, assistance with entitlement programs, transportation, health awareness programs, recreation and exercise programs and supermarket and pharmacy delivery coordination.
Located at 23 Mulberry St., in the Hollow neighborhood, the community is near the intersection of Saw Mill River Parkway and Cross County Parkway, which allows for easy transportation across the New York City metropolitan area. Tibbetts Brooke Park and St. Joseph’s Hospital and Medical Center are within 1.5 miles from the property.
Financing affordable housing across New York City
Financing for the $44 million project included:
- $17.7 million in federal low-income housing tax credits
- $7.9 million first mortgage and $9.1 million in subsidy
- $240,000 in project incentives from NYSERDA’s New Construction-Housing Program
- $3.4 million from Westchester County’s Housing Implementation Fund
- $650,000 in HOME funds from the City of Yonkers
- $2.6 million from MHACY
According to Yardi Matrix data, The New York State Housing Finance Agency also provided a $22.7 million loan with JPMorgan Chase as lender.
La Mora Senior Apartments is a part of Governor Hochul’s $25 billion Housing Plan that will build or preserve 100,000 affordable homes across New York, alongside 10,000 residences with support services for vulnerable populations and the electrification of an additional 50,000 apartments. Within the last five years, New York State Homes and Community Renewal has created or preserved 4,500 affordable homes in Westchester County.
The Gotham Organization, in a partnership with Monadnock Development, the Christian Cultural Center, Reverend A.R. Bernard and the New York City & State, recently obtained $270 million in construction financing for the first phase of the Innovative Urban Village project in Brooklyn. Part of the funds were also provided through the $25 billion Housing Plan.
