RYE, N.Y. -- Mountco Construction and Development Corporation today announced a major milestone in its Rye Manor project, ensuring the preservation of 100 affordable housing units for Rye seniors through 2045.
Mountco also announced a $1 million payment to the Rye Interfaith Housing Corporation.
Built 25 years ago, Rye Manor required extensive renovation in order to be maintained as an affordable housing resource. Mountco partnered with Rye Manor HDFC, the original owner of the development and negotiated a financing package that allowed the company to pay off the existing HUD mortgage and provide the necessary repairs and improvements without passing down costs to tenants.
“Rye Manor marks Mountco’s 12th affordable housing preservation project in collaboration with a local nonprofit, and we're particularly proud that each of those projects generated significant funding for nonprofit and municipal partners – all without raising rents a penny, ” said Mountco President and Founder Joel Mounty.
“Westchester County is proud to have provided Rye Manor with the financial support to rehabilitate 100 affordable housing unites. By taking advantage of the resources that Westchester County IDA offers, the Rye Manor redevelopment project will provide health and safe affordable senior housing for years to come,” said Westchester County Executive Robert P. Astorino.
The project created 75 construction jobs and significant construction contracting opportunities for minority and women owned businesses.