New York Affordable Senior Housing Gets New Life
The $38 million revitalization project expanded an existing building.
Georgica Green Ventures has completed Manhattan Avenue Senior Apartments, a 70-unit fully affordable senior housing community in Greenburgh, N.Y. The $38 million project was developed in conjunction with the Greenburgh Housing Authority and the New York State Homes and Community Renewal program.
The project involved the demolition of six dilapidated buildings constructed in 1972 by the HUD. Operated by the Greenburgh Housing Authority, the previously 30-unit senior federal public housing facility was revitalized and expanded with an additional 40 units.
State financing for the redevelopment included $14.3 million in Low Income Housing Tax Credits, $5.3 million in tax exempt bonds and $14.7 million in subsidies from HCR. Manhattan Avenue Senior Apartments is subject to a 99-year unsubordinated net ground lease held by Greenburgh Housing Authority, according to Yardi Matrix data.
The property serves individuals over the age of 62, earning between 30 and 60 percent of the area median income. Residents of the initial 30 units were relocated during construction and have now returned.
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The new three-story building meets Enterprise Green Communities 2015 standards featuring sustainable elements such as Energy Star appliances and water conserving low-flow fixtures. Common-area amenities include a computer room, a commercial kitchen, a laundry room and almost 50 parking spaces.
Located at 48 Manhattan Ave., the property is in the White Plains market. The community is adjacent to Crossroads Shopping Center, as well as close to the Theodore Young Community Center, the Bee-Line bus system and a Metro North train station.
Preserving and creating affordable housing across New York
The Manhattan Avenue Senior Apartments project is part of Governor Hochul’s five-year, $25 billion comprehensive Housing Plan aiming to build or preserve 100,000 affordable homes across New York, including 10,000 with support services for vulnerable populations, along with the electrification of an additional 50,000 homes.
Also recently, elsewhere in the state, the Rome Housing Authority and Beacon Communities Development completed the rehabilitation of a 74-unit affordable housing community for seniors and people with disabilities in Rome, N.Y. Built in 1972 as a school and dormitory and converted to public housing in 1984, Colonial II Apartments also got rehabilitated as part of Governor Hochul’s Housing Plan.
