Unique Affordable Housing Project Repurposes An Iconic Building

TARRYTOWN, NY — A one-of-a-kind project has transformed an iconic Hudson Valley building into a senior housing development conceived to withstand the test of time.

Governor Kathy Hochul announced on Thursday the completion of "62 Main" in Tarrytown, a $54 million development that transformed the former YMCA of Tarrytown into 108 affordable and energy-efficient apartments.

Over the past five years, NYS Homes and Community Renewal has financed more than 5,000 affordable homes in Westchester County. The 62 Main apartments continue this effort and complements the governor's $25 billion, five-year housing plan which is expected to create or preserve 100,000 affordable homes statewide, according to the administration.

"My approach to tackling the housing crisis is simple: we need all types of housing options, especially in places like Westchester County," Hochul said. "Transforming this former YMCA into affordable housing will not only revitalize the building but also provide more than 100 much-needed homes. This project ensures that seniors can remain in the community they cherish, or move to this vibrant village with an essential public transit hub."

SEE ALSO:

• Lottery Open For New Affordable, Senior Apartments In Westchester
• YMCA In Tarrytown To Be Turned Into Affordable Housing

The development is available to households earning up to 70 percent of the area median income. Of the 108 apartments, 88 are reserved for seniors who are 55 and older.

The transformation project included a rehabilitation of the interior of the original YMCA building. Extensions to the facility in the back of the property were demolished and replaced. The historic Main Street façade of the YMCA is intact, to comply with a Memorandum of Agreement between the developer and the NYS Historic Preservation Office. The façade of the newly constructed portion of the building uses classic architectural themes prevalent throughout Tarrytown.

"Our community and the entire region has a severe shortage of affordable housing," Greenburgh Town Supervisor Paul Feiner said, "I am very pleased that 108 families will be able to benefit from a beautiful, new affordable housing complex. The families will be able to enjoy living in a great village—and can walk to the theater, great restaurants, shops, the train station, supermarkets."

62 Main is fully electric with several energy-efficient features, including geothermal heat and air conditioning, Energy Star appliances, a rooftop solar array, a green roof courtyard and electric car charging stations. The transit-oriented development is three blocks away from the Metro-North train station and is within walking distance to shops, schools, green spaces and medical facilities.

The project was supported by HCR's Federal Low Income Housing Tax Credit Program that generated $19 million in equity, as well as its Housing Finance Agency, which provided $10.4 million in subsidy from its Senior Housing Program and $8.4 million in tax exempt bonds. Eight of the units will receive rental assistance through Section 8 Project-Based Vouchers issued by HCR. The NYS Energy Research and Development Authority's New Construction – Housing Program provided $218,000.

The project was also supported by $10.1 million in loans from the Tarrytown Housing Fund – a fund of the Housing Action Council, $5 million from Westchester County's New Homes Land Acquisition program, a $3 million permanent loan from Community Preservation Corporation Climate Capital to help finance energy efficiency improvements in the project, and $1.5 million in geothermal and solar federal tax credits. The project obtained a 30-year Payment In Lieu of Taxes Agreement with the town of Greenburgh and village of Tarrytown.

All 23 tenants who lived in the single room occupancy units at the facility prior to the construction remained in the development and will continue to pay no more than 30 percent of their household income towards their rent.

"This development honors Tarrytown’s past while securing its future—providing high-quality, affordable housing for seniors, incorporating cutting-edge sustainability features, and seamlessly blending into the fabric of our historic downtown," Tarrytown Mayor Karen Brown said. "The partnership between the Village, Wilder Balter Partners, LLC, and the many agencies that made this possible is a shining example of what can be achieved when a community comes together with a shared vision. We are thrilled to welcome the new residents of 62 Main and celebrate this incredible milestone for Tarrytown."