Much-Needed Housing for Seniors and Low-Income Families Breaks Ground in South Queens
- Sep 23, 2011
In an effort to revitalize a long-vacant site that’s part of the Brownfield cleanup program, the Arcker Cos. broke ground on two housing developments for seniors and low-income families in Richmond Hill. According to the Queens Courier, hundreds of construction jobs will be generated by the project. The total development costs for the two complexes—called Richmond Hill Senior Residences and Richmond Place—will be around $54 million.
Richmond Hill Senior Living Residences will be six stories tall and will be comprised of 117
units for senior residents with incomes below 60 percent of the area’s median income, reports the Queens Courier. The 62,500-square-foot development will be financed by state Homes and Community Renewal and Bank of America who, together, will offer $20 million.
The 136,300-square-foot Richmond Place is also meant for families with incomes below 60 percent of the area median income. This complex will offer 13 studios, 28 one-bedrooms, 68 two-bedrooms and seven three-bedroom units. One-fifth of the units will serve as shelters for homeless people, while one two-bedroom unit is reserved for the building’s superintendent. The project will be financed by the Housing Development Corporation (HDC), who will offer $17.5 million in tax-exempt bonds. Another $5 million will remain outstanding as a permanent debt to be paid when the transaction becomes permanent, notes the Queens Courier.