YONKERS, N.Y.—Two significant affordable housing developments are under way here at the former site of the Mulford Gardens public housing complex and Ashburton Avenue.
Park Terrace at Croton Heights is a $19.1 million, 49-unit seniors facility, and Grant Park at Croton Heights is a $45.5 million community that will provide 100 affordable apartments.
Both are being developed by the Municipal Housing Authority for the City of Yonkers, with The Richman Group Development Corp. and Landex Development, LLC.
The four-story Park Terrace complex will feature one-bedroom apartments for seniors earning no more than 50 percent of the area median income (AMI). All 49 units will be covered by a Sec. 8 contract.
Grant Park will have one-, two-, and three-bedroom apartments in four buildings for residents earning no more than 60 percent of the AMI. It is the first section of a planned 240-unit community on the old Mulford site. Construction is expected to be completed next spring.
The Community Preservation Corp., a nonprofit mortgage lender, provided $4.73 million in permanent financing for the projects.
