December 20, 2017

Enterprise NY Provides $17.5 million in LIHTC equity for Yonkers RAD Conversion

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Yonkers RAD Conversion

Enterprise New York partnered with Municipal Housing Authority for the City of Yonkers (MHACY) and HUD Region II to fund the Yonkers RAD conversion of Seven Townhomes in Yonkers, New York. At a press event earlier this  month MHACY featured the first of seven public housing communities across Yonkers receiving a $56 million facelift through the federal Rental Assistance Demonstration (RAD) program, which helps finance large-scale public housing rehabilitation. The rehabilitation will create a total of 204 affordable homes for Yonkers families.

Originally developed in the 1990s as part of a court order to desegregate the city, the homes gained further recognition as the subject of the 2015 HBO miniseries Show Me a Hero. This major renovation will ensure the long-term affordability for these communities and further the city’s commitment to fair housing.

Residents are remaining in place during the renovations, which began in November and will be complete in early 2019. The work includes new kitchens, bathrooms and flooring; new heating and cooling units; new windows and some roof replacements. The homes will also become more energy efficient and will comply with the New York State Housing Finance Agency’s green building guidelines.

Pictured, from left, New York State Senator and Westchester County Executive-Elect George Latimer; Yonkers Deputy Mayor James Cavanaugh; MHACY Executive Director Joseph Shuldiner; Valentine Townhomes resident Chanetta Garner; HUD New York Public Housing Director Luigi D'Ancona; Yonkers Councilman Mike Breen; New York State Assemblywoman Shelley Mayer and Enterprise Community Investment Vice President, Syndication, Dan Magidson.
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