Architect rendering
MOUNT VERNON – Construction has begun on a $95 million 100 percent
affordable housing development called 22 South West in downtown Mount
Vernon.
The mixed-use project is adjacent to the Mount Vernon West Metro-North train station and will feature 189 affordable housing units and 4,200 square feet of street level retail space, all built on a former brownfield site.
It will be designed to LEED Silver standards or greater.
New York State Homes and Community Renewal has provided $52.3 million in financing for the project in the form of tax-exempt bonds and a subsidy loan. Also, federal low-income housing credit allocations will generate some $31.9 million in equity. Other funding includes a payment in lieu of taxes agreement with the city.
“22 South West Street is transforming underutilized and environmentally damaged property in the heart of Mount Vernon into affordable housing that integrates with the community and is steps away from transit and a quick ride to Grand Central Station,” said State Housing Commissioner RuthAnne Visnauskas. “By bringing together housing, retail, and transit we are creating opportunities for New Yorkers to support all that Mount Vernon has to offer, strengthening its economy.”
