Affordable Rental Project Underway In Hempstead LI
Published on January 11, 2013 · Filed Under Business
Mangano announces construction of affordable rental units in Nassau County
(Long Island, N.Y.) A rental housing project that lead to the creation of 29 affordable and moderately priced units in the Town of Hempstead was announced today by Nassau County Executive Edward Managao.
The project, located at 479 Front Street, was spearheaded by the demolition of four vacant, deteriorated houses that were on the lot in question. With financing secured, Mangano said that construction is set to begin on what has been dubbed the Village Lofts project.
“Long Island has a severe shortage of rental housing stock in comparison to other areas,” he said. “My administration understands the link between housing that is affordable and a growing economy. That is why we have provided Federal dollars to assist in the construction of affordable rental units here in NassauCounty.”
The funding that has made this project a reality consists of $800,000 in Federal HOME funds from NassauCounty’s Office of Housing and Community Development. The HOME Investment Partnerships Program is provided by the U.S. Department of Housing and Urban Development (HUD) to states and local governments to create affordable housing for families. In addition, the project received $2 million in grants from the Empire State Development Corp.
Village Lofts will consist of 29 rental units; 23 of these units will provide workforce housing for households earning not more than 90% of the Nassau County Area Median Income (AMI) as established by HUD. Six units will receive HOME assistance; four which will be allocated to families earning not more than 60% of the AMI and two to be allocated to families earning not more than 50% of the AMI.
One bedroom apartments will range in size from 813-836 square feet while two bedroom apartments will be between 957-1,012 square feet. Two bedroom duplexes will be larger; 1340-1563 square feet. Rents will range from approximately $1,008 to approximately $2,050.
The Village Lofts project will be monitored for the next two decades to ensure it remains an affordable housing development.