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Mayor: Senior Affordable Housing at Rye Manor Extended

Rye Manor (Patch file photo)
Rye Manor (Patch file photo)

The following emailed City Council Update is from City of Rye Mayor Douglas French:

The City has entered into a payment-in-lieu-of-taxes agreement with RyeManor HDFC – an entity created for the sole purpose for the renovation and preservation of Rye Manor as an affordable housing development. The project will be financed through the issuance of tax-exempt bonds to be issued by Westchester County Industrial Development Agency (Westchester IDA), and an allocation of Federal low-Income Tax Credits from the New York State Housing Finance Agency (NYS HFA). HUD will be issuing a new 20 year HAP for the project, which will provide additional financial security for the tenants, and a new HUD Use Agreement that will ensure that the property will remain affordable for another 30 years.  The agreement is for a $90,000 first year payment that would increase at 2.5% per year for the term of the 32-year PILOT. There is also a one-time Municipal Impact Fee (MIF) payment of$150,000 to the City for roadway and sidewalk improvements.


RyeDad December 04, 2013 at 01:48 PM
I want to know who the idiot(s) were that screwed up Theall Road north of Osborn Road. Who from the City of Rye let Osborn Home bump out into Theall Road into the City of Rye right of way with their new sidewalks and trees that left Theall Road barely passable by two cars? I bet it was Shew and Pickup.

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