Zion Court, shown above, is a newly renovated 28-unit apartment complex for families with low and very-low incomes. It officially opened during a ribbon-cutting on Thursday.
The project was developed by the Greater Centennial Community Development Corporation, a nonprofit development arm of the Greater Centennial A.M.E. Zion Church, which has been providing community services to the residents of Mt. Vernon since 1896. Working with the group were Community Preservation Corporation, Red Stone Equity Partners, New York Homes and Community Renewal, and the state comptroller’s office.
“CPC is committed to revitalizing communities like Mt. Vernon where housing needs stem from the high cost of living, aging housing stock and infrastructure,” Doug Olcott, Senior Vice President and Hudson Valley Regional Director, The Community Preservation Corporation, said in a press release. “Though the need for decent affordable housing in Mt. Vernon continues to be great, thanks to the Greater Centennial Community Development Corporation, Red Stone Equity Partners, New York State Common Retirement Fund, and New York Homes and Community Renewal, 28 families now have quality, stable homes to call their own.”
The complex is at 116-120 West 1st St., and consists of four one-bedroom and 24 two-bedroom apartments, inclusive of one super’s unit. These units are available to low and very-low income households with six two-bedroom apartments reserved for Section 8 tenants at 30 percent of area median income, and the rest at 40 and 50 percent of area median income. The rent for the one-bedroom units is $760 and will range from $909 to $1,144 per month for the two-bedroom units.
In addition, nine off-street parking spaces, four of which are for the handicapped, will be available for tenants. The property is close to a grocery store, farmers market, library, and Mt. Vernon Hospital, as well as a public school and a Metro-North commuter rail station.
“The rehabilitation of this long empty property will not only provide families with homes but will help breathe new life into a once vibrant area of West First Street,” Mayor Ernest D. Davis said. “When people have homes they can be proud of, that pride is reflected in how they keep and treat their neighborhoods. The Community Preservation Corporation and its partners are helping to improve lives and a neighborhood.”
CPC provided $5.7 million in a construction-to-permanent loan, which was taken out by the NYS Pension Funds. The permanent loan, which Orange County Trust is a participant in, has a 30 year fixed rate with a 30 year amortization and 100% SONYMA insurance. Red Stone Equity Partners, LLC also provided tax credit equity with TD Bank as the investor to facilitate the affordable housing development.
(The submitted photo above is by Ronald L. Glassman)