Mayor: Senior Affordable Housing at Rye Manor Extended

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.