NEW ROCHELLE - A total of 688 apartments coming to downtown New Rochelle are slated to become affordable housing in the next five years, the City of New Rochelle said today.

New Rochelle, which also announced a contract extension with Tarrytown-based Housing Action Council for its affordable housing initiative, said the units will amount to 11% of the total 6,370 approved apartments in the downtown district.

“With our ambitious and innovative downtown development plans well underway, New Rochelle’s partnership with the Housing Action Council will make it easier for anyone to find a place to live,” New Rochelle Mayor Noam Bramson said in a prepared statement. “This is one of many steps illustrating our strong commitment to inclusive growth from which all residents have an opportunity to benefit.”

Multifamily construction in the city’s ‘Downtown Overlay District’ is eligible for a payment in lieu of taxes (PILOT) agreement for up to 20 years, according to the New Rochelle Industrial Development Agency. The downtown overlay district plan also mandates that at least 10% of new units be marketed for residents earning below 80% of the local area median income, which is $96,240.

In addition to PILOTs, New Rochelle’s 2017 tax incentive policy enables its Industrial Development Agency to provide mortgage recording tax exemptions, sales and use tax exemptions, and low-interest debt financing.

Most recently, New Rochelle's IDA approved a 20-year PILOT for Dobbs Ferry-based Ward Capital Management LLC for the construction of the 225-room TRYP by Windham hotel at 115 Cedar St., in addition to a $2.8 million sales tax exemption and a $479,000 mortgage recording tax exemption on July 31.

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