In a groundbreaking ceremony attended by state and local officials, Governor Kathy Hochul celebrated the commencement of construction on a transformative $60 million affordable housing development known as The St. Clair.
This development is a partnership between the State of New York’s Homes and Community Renewal Program, Westchester County, and the City of Yonkers. It signals a collaborative effort to address the pressing need for affordable housing in the region.
The St. Clair development endeavors to revitalize a vacant site near Getty Square. Spanning approximately ten-thousand square feet, the lot stands on the southwest corner of Riverdale Avenue and Main Street in the Downtown Mixed-Use Zoning District.
This project will feature a 10 story, 76 unit building that is 100% dedicated to affordable housing. The unit mix comprises 12 studios, 36 one bedroom apartments, 23 two bedroom residences, and 5 three bedroom units. The project includes a parking structure designed to accommodate 77 parking spaces. However, only 28 are provided on-site. A fee in lieu of sub-standard parking is being paid to comply with the requirements of the D-MX District.
The development goes beyond residential spaces and will encompass a 3,260-square-foot commercial area on the ground floor. Situated within walking distance of the Metro-North train station, it’s a prime location for shoppers and commuting residents alike.
Financing for this ambitious project comes from a variety of sources.
- $25.2 million in Federal and State Low-Income Housing Tax Credits.
- $10.6 million in subsidies from New York State Homes and Community Renewal.
- $9.7 million in tax credits issued by the New York State Department of Tax and Finance due to its fulfillment of the State Department of Environmental Conservation’s Brownfield Cleanup Program
- $8.4 million in permanent tax exempt bonds.
- $1.5 million in American Rescue Plan Act funds from Westchester County.
- $1.1 million in HOME funds from the City of Yonkers.
Wells Fargo’s Community Lending and Investment group is providing debt and equity financing to MacQuesten Development.
The groundbreaking ceremony hosted a variety of distinguished guests. These included Assembly Members Gary Pretlow and Nader Sayegh, Commissioner Ruthanne Visnauskas of New York State Homes and Community Renewal, Westchester County Executive George Latimer, Yonkers Mayor Mike Spano, and State Senate Majority Leader Andrea Stewart-Cousins.
Governor Hochul highlighted the importance of developing affordable housing while emphasizing a balanced approach. This includes both market rate and affordable housing being built to create opportunities for all residents. She lauded The St. Clair as a “transit-oriented development” that expressed her commitment to addressing the housing affordability crisis.
Hochul’s overarching goal is to increase housing supply and reduce living costs. The St. Clair development offers hope and progress for Yonkers towards this goal.