Wednesday, May 23, 2012
how much could WESTHELP generate in revenue to town for affordable housing?
From: Bob Miller [mailto:Bob.Miller@westhab.org]
Sent: Thursday, May 10, 2012 2:42 PM
To: Paul Feiner
Subject: WestHELP Greenburgh site
Dear Supervisor Feiner,
With your approval, Westhab conducted a preliminary analysis to determine the feasibility of converting the referenced site into affordable housing for low and moderate income families. We undertook this analysis for the purpose of providing you and the Town Board with an option that would expand the supply of affordable housing for working families in Greenburgh, and hopefully be amenable to the County under the terms of the Town's master lease.
Our proposal would be to sublet the property for a minimum of 30 years, a term that would be required by NYS Homes and Community Renewal, to whom we would apply for renovation funding. This would require an extension of the Town's master lease with Westchester County.
We would join two single units side by side to create a mix of one, two and three bedroom apartments that would rent to eligible families earning between 30-75% of the Area Median Income (AMI). Rents would range from approximately $835-$1650, depending on unit size and family income range. We anticipate that approximately 55-60 units would be created (a more detailed architectural analysis will determine the exact number).
We also believe that we could generate a total payment to the Town of approximately $200,000 a year, with an amount to be determined paid during the construction period. If we are able to lease some of the available common space (such as to a provider of pre-school child care), that number would increase.
Before we incur the substantial cost of further studies, including detailed architectural and engineering analyses, I would appreciate having a reading from both the Town Board and the County as to their interest in this preliminary concept.