MHACY, Mulford Launch $44M Senior Affordable Project
Federal, state and local agencies are helping fund the NYC-area development.
MHACY and Mulford Corp. are bringing more affordable senior housing to Yonkers, N.Y. The co-developers have started construction on the 60-unit La Mora Senior Apartments.
The $44 million development will total 57 one-bedroom units and three two-bedroom units in a four-story building. All units will be reserved for residents aged 62 or older and households making at or below 60 percent of the area median income.
The developers are designing La Mora Senior Apartments’ units to be energy efficient with low-flow plumbing fixtures, Energy Star appliances, LED lighting and individual high-efficiency electric heat and cooling. The building itself will feature a high-efficiency envelope, dual-pane insulated windows and central hot water heating and distribution system. MHACY and Mulford Corp. will also incorporate an emergency generator so that the building remains powered in the case of a blackout.
Residents will get access to a number of social services, including case management, home-delivered meals, assistance with entitlement programs, transportation, health awareness programs, access to nutrition centers, recreation and exercise programs, and supermarket and pharmacy delivery coordination. Yonkers Office for the Aging will be providing these services, which are being funded by the same agency and the Westchester County Department of Senior Programs and Services.
Converting an empty lot into affordable housing
MHACY and Mulford Corp. are replacing a blighted property that was vacant for a long time to build La Mora Senior Apartments. The vacant property was acquired by the Municipal Housing Authority of the City of Yonkers before the affordable senior housing project. Located in South Yonkers’ Hollow neighborhood, the community will be near several parks, a golf course and St. Joseph’s Hospital and Medical Center.
Several agencies have provided millions in financing to support the affordable senior housing project, including at the federal, state and local level. The State of New York provided $17 million in permanent tax-exempt bonds, Federal Low-Income Housing Tax Credits that will generate $17.7 million in equity, and $9.1 million in subsidy from New York State Homes and Community Renewal. The New York State Energy Research and Development Authority is providing $240,000 in financing, while Westchester County is providing $3.4 million from its Housing Implementation Fund. The city of Yonkers is also providing $650,000 in HOME funds, while MHACY provided a $2.6 million loan.
The large amount of government support largely stems from Gov. Kathy Hochul’s comprehensive housing plan aimed at increasing housing supply. The governor’s $25 billion plan is looking to create or preserve 100,000 affordable homes across the state. In February, a joint venture completed Zion Hill Apartments, a 45-unit affordable senior housing community that was also part of Hochul’s affordable housing plans.