Mayor Mike Spano, who serves as Chairman of the Yonkers Industrial Development Agency (YIDA), has announced that the YIDA Board has voted final approval of financial incentives for a $36.1 million affordable senior housing development located at 221-223 Buena Vista Avenue.
The 9-story building would feature 94 units comprised of 40 one-bedroom units and 54 studios. The building would have high-end amenities including a community room, fitness center and roof-top green space for residents. There will be 47 parking spaces.
The developer, Buena Vista Group LLC, will receive a sales tax exemption of $1,819,375 and a mortgage tax recording exemption of $849,224. The developer is also receiving a 15-year real property tax abatement of $902,963 for total assistance of $3,741,407. The project is estimated to create between 80 and 100 construction jobs and 5 to 6 full-time jobs.
The YIDA continues to be a major driving force for the Yonkers. Last year,
the YIDA voted approval of financial incentives for residential projects representing a total private investment of approximately $1 billion. The developments are projected to create approximately 2,100 new residential units and approximately 2,400 construction jobs.
Since 2019, the Yonkers IDA has approved financial incentives for development projects representing a total private investment of approximately $3.6 billion. The developments are projected to create over 7,500 new residential units and more than 8,800 construction jobs. Ten percent of all new residential units are set aside for affordable housing.