Yonkers awards $56.8 million incentives package for affordable seniors housing


New York Construction News staff writer

The Yonkers Industrial Development Agency has approved financial incentives to Verus Development for a $56.8-million affordable housing project for low-income seniors. Officials say the project will create 125 construction jobs.

A 12-story residential building at 345 McLean Ave., will include 105 studio, one-and two-bedroom apartments for seniors 62 years of age and older whose income is at or below 60 per cent of Westchester County’s area median income (AMI).

The development also includes a community room, recreational space, laundry room and bicycle storage area. The building is expected to meet the standard set by NYSERDA’s New Construction Multifamily Project and will incorporate several green and energy-efficient features into the design.

The developer, Verus Development LLC, is requesting a 30-year property tax abatement.

“This exciting project will provide much-needed affordable housing for senior citizens while creating new construction jobs,” said Yonkers Mayor Mike Spano. “With a private investment of nearly $57 million, this development is an example of how the Yonkers IDA is working to help create new housing and jobs for our city’s economy.”


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