The Greenburgh Town Board will meet tomorrow (TUESDAY) during our work session to discuss the following proposals to convert the former WESTHELP transitional housing into affordable housing. The Town Board is expected to approve a resolution Wednesday night formalizing our decision re: who to rent the property to. We have invited all the applicants to meet with the Town Board at a televised work session meeting. This portion of the work session meeting begins at 10 AM.
Among the concerns: the impact each of the proposals will have on the Valhalla School district. Members of the Board prefer affordable housing for senior citizens –senior housing would not impact the school district. If you have any comments or questions that you would like us to ask, please e mail them to email@example.com
Thanks for your feedback.
Below are excerpts of the 2012 and revised 2013 Responses to the Town’s RFP to develop the former WestHELP property. In no particular order the proposals are as follows. The :
REVISED 2013 RESPONSES TO THE TOWN’S RFP
Group MRH, LLC & The Richman Group Affordable Housing Organization
$350,000 per year paid quarterly to the Town until the year 2032 to operate an affordable rental housing facility pursuant to a Triple Net sublease agreement, for the remaining 19-year Master Lease term. Complete renovation and restructuring of 108 rooms
in the complex.
$375,000.00 annual starting rent. 3% non-cumulative increases every 5 years. The 108-units
will be 100% affordable housing leased to low and moderate Income person(s) and Senior Citizens with
earnings that are 60% or less than the Average Median Household Income (AMHl) for Westchester County. In addition, a priority will be given to "workforce" applicants such as Town Employees, Teachers, Police, Firefighters, etc.
Marathon Development Group
$2.2 million up-front payment to Town. Property will be restricted to seniors 55 and over (not merely a preference) - no fiscal impact on the school district. The Town receives its lease payments at the lease signing and the initial closing, prior to the renovation commencing. $200,000 initial lease payment and lump sum $2,000,000 at contract closing representing the net present value of 20 year payment streams to the Town until the year 2032 to convert the existing shelter apartments into 80 units
of affordable senior housing.
Community Housing Innovations (CHI)
CHI is proposing to pay $375,000 per year in rent to the Town of Greenburgh, contingent on the county extending the lease to 50 years. In the event that the county does not extend the lease the $375,000 would be contingent on a net rental of the administration building for $100,000 a year. Any amount over the $100,000 would be shared by CHI and the town – with the town receiving 25%. The minimum we would receive (if no rent is received on the administration building or the extension would be $275,000. 108 affordable housing units would be created. No taxes are proposed to be paid; however, if the Town desires, the $375,000 lease payment could be divided into rent and tax components. It is further proposed that lease payments would not start until the Certificate of Occupancy for the residential units are obtained. In order to provide financing for this project, M&T Bank will require that there be a First Leasehold Mortgage Lien on the property and first security interest in all fixtures and equipment.
2012 RESPONSE TO THE TOWN’S RFP
$200,000 per year to the Town ($600,000 up front) until the year 2064 to operate affordable housing pursuant to a tri-party lease between WestHAB, the Town and the County using Low Income Housing Tax Credit Equity for 50 years.