The Nassau County Industrial Development Agency (IDA) has approved two affordable housing projects with Mitchel Field Senior Citizens Redevelopment Company LP in East Meadow and Roslyn Plaza Housing Associates L.P in Roslyn Heights. Both projects provide critical affordable housing options in the county—a major point of focus for the IDA. Collectively, the projects represent a more than $3 million investment to update facilities containing 230 affordable rental units.
“Maintaining affordability in our housing stock is critically important here in Nassau, especially for our lower income residents, seniors and persons with disabilities,” Nassau County Executive Laura Curran, said. “I am pleased that the IDA was able to assist the building owners in reinvesting in these properties, which will benefit both the tenants and their communities.”
“With the IDA’s assistance, these needed renovations can now occur while ensuring the price of the units remain affordable and will be available for decades helping today’s occupants and future generations,” Nassau IDA Chairman Richard Kessel said. “The Nassau IDA sees the promise and potential in what these projects have to offer, not only in the way of creating quality affordable housing, but the positive impact it will have on those communities and the overall economy.”
The Mitchel Field Senior Citizens Redevelopment million investment will improve the quality of life for the seniors and those with disabilities who live there. Without the IDA’s support, it is possible most of these residents would have had to relocate as current market conditions would drive up existing rents. The property will still generate more than $16 million in taxes over the course of the 35-year pilot, while generating upwards of $135,000,000 in economic benefits for the County.
The Roslyn Plaza Housing Associates L.P. project represents a $503,000 investment to improve a 96,806 square-foot affordable residential housing complex in Roslyn Heights.
The project, located at 101-172 Laurel St. in Roslyn Heights, consists of renovating the current 104 affordable rental units, as well as making additional improvements to the site including the replacement of electrical panels and exterior trim, installing storm doors and construction porticos and replacing concrete sidewalks. Even with the pilot agreement, the company will still pay nearly $16 million in taxes, $2.2 million more than what would have been collected without the investment.
The two projects combined will generate a net tax benefit (sales tax revenue, renovation phase sales tax revenue and pilot payments) of more than $34.7 million. In addition, it is estimated that the projects and the utilization of them by residents in the County will ultimately generate $244 million in economic activity over the course of the pilots.
—Submitted by the Nassau County IDA