New York State Homes and Community Renewal, Yonkers and State officials and community leaders joined The Community Builders, Inc., to cut the ribbon for Schoolhouse Terrace Apartments in Southwest Yonkers. It is the first development in a planned six-phase neighborhood revitalization project funded through the Governor’s Regional Economic Development Council and New York State Homes and Community Renewal (HCR).
Schoolhouse Terrace is the first phase of the planned six-phase redevelopment of Cottage Place Gardens, a collaborative effort between The Community Builders (TCB) and the Municipal Housing Authority for the City of Yonkers (MHACY). The $27 million Phase II, a 51-rental unit complex at 188 Warburton Avenue, is scheduled to be completed this spring. The third planned phase of this development effort would create homes for an additional 70 Yonkers families.
Schoolhouse Terrace is located on the site of the former Public School 6 at 43 Ashburton Avenue. The school’s original, architecturally distinctive archway was preserved and integrated into the design of the complex: a 50-unit building for low-income seniors, plus one for the superintendent, and another 70-unit building designed for low-income families at 33 Ashburton Avenue.
“The Community Builders is proud of the transformation of the old Public School 6 site into beautiful mixed-income housing, which 120 Yonkers families can now call home.” said Bart Mitchell, president and CEO of The Community Builders, Inc. “Beautiful housing, new educational opportunities, and spending the construction dollars on jobs for local people all contribute to making Southwest Yonkers a fabulous place to live and work. We want to thank our committed public partners and we look forward to continuing this work together.”
Schoolhouse Terrace is seeking LEED©-Sliver certification and is energy efficient with innovative green design elements, including green roofing and an intensive focus on energy efficiency to reduce the carbon footprint. Smart mechanicals; low VOC paints and adhesives; high performance double aluminum pane windows that provide ample daylight; and low-flow plumbing fixtures make the buildings energy- and resource- efficient. Numerous large windows in the apartments allow for lots of natural light and spectacular views of the Palisades and the Hudson River.
Funding partners include: HCR with $31.1 million HFA bond financing, $1.2 million HFA subsidy, $2.5 million in Housing Trust Fund and Homes for Working Families Financing and a $600,000 allocation of State Low Income Housing Tax Credits. New York State Department of Environmental Conservation (DEC) is providing $7.8 million of tax credits through its Brownfield Cleanup Program; $3,250,000 from the U.S. Department of Housing and Urban Development (HUD); a $306,634 grant from the New York State Energy Research and Development Authority; $500,000 from a City of Yonkers federal Community Development Block Grant; $1.368 million loan from the Federal Home Loan bank of New York; $1.5 million from Neighborhood Stabilization Program II, $1.25 million from City of Yonkers HOME, $890,000 MHACY Public Housing Capital Funds, $93,500 sponsor loan and almost $3 million in deferred fee. The Yonkers Industrial Development Agency provided a Payment in Lieu of Taxes (PILOT). The Bank of New York Mellon provided the Letter of Credit and RBC Capital Markets syndicated the tax credits.
This is one of several key projects awarded with funding through Governor Cuomo’s Regional Economic Development Council initiative that focuses on strengthening the state’s economy from the bottom up. The new development, which received $31.1 million through New York State Homes and Community Renewal programs, provided an economic boost to the area with 350 construction jobs and five permanent jobs to the area.
About The Community Builders, Inc. (TCB)
The Community Builders, Inc., is the leading nonprofit developer of mixed-income housing in the United States. Its mission is to build and sustain strong communities where people of all incomes can achieve their full potential. They realize their mission by developing, financing and operating high-quality housing and implementing neighborhood self-help initiatives to drive economic opportunity for its residents. Since 1964, it has constructed or preserved over 320 affordable and mixed-income housing developments and secured over $2.5 billion in project financing from public and private sources. TCB currently owns or manages more than 10,000 apartments in 14 states and Washington, D.C. It is headquartered in Boston with regional hubs in Chicago and Washington.
