DHCR Helps Break Ground on Affordable Housing Development in Yonkers

Albany, NY - July 13, 2009 - (RealEstateRama) – DHCR helped break ground recently on 330 Riverdale Avenue in Yonkers. The 11-story building will provide 153 apartments for low-income residents and is expected to be ready for occupancy in early 2011.

The complex will feature parking, on-site laundry, a recreational room, a two second-floor rooftop terraces, and a children’s play area. The building will contain sustainable design features, such as bamboo flooring and Energy Star appliances, and will be within walking distance to downtown Yonkers and convenient to public transportation.

Funding is provided by the New York State Housing Trust Fund Corporation, NYS Housing Finance Agency (HFA), Westchester County, and Bank of America. The development team consists of L&M Equity Participants, L&M Builders, LLC, and John Coogan as Architect.

DHCR’s Greg Watson was on hand to participate in the ceremony and address the audience on behalf of the agency. “This project is yet another example of the collaborative approach we’ve taken, working with other agencies and partners to have a greater impact on the lives of New York residents,” said Greg.

DHCR Commissioner Deborah VanAmerongen said, “We are very proud to be a part of a collaborative effort that is going to help address the shortage of affordable housing in Westchester County and make Yonkers an even better place to live. I want to congratulate Mayor Amicone and Ron Moelis of of L&M Development Partners for their steadfast efforts in this tough economic climate to make this project a reality. And I want to thank Priscilla Almodovar and the staff at HFA for their commitment, creativity, and partnership in helping to increase access to affordable housing here in Yonkers and across the state.”

Priscilla Almodovar, President and Chief Executive Officer of HFA said, “330 Riverdale Avenue will bring much-needed affordable housing to the City of Yonkers and Westchester County. This development is also conveniently located so tenants will be within walking distance to downtown Yonkers and public transportation. I am proud to join with our partners, including the NYS Division of Housing and Community Renewal, Westchester County, the City of Yonkers, and L&M Development Partners to make this project a reality.”

Yonkers Mayor Phillip Amicone said, “At a time when family budgets are tight, hardworking residents need and deserve the opportunity to live in high quality housing at affordable rates. I congratulate L&M Development Partners and all of our partners for their hard work in making this day possible.”

Ron Moelis, CEO of L&M Development Partners said, “This transaction demonstrates the necessity for the public and private sectors to work together in challenging market conditions to continue to crate affordable housing options in and around our cities.”