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AFFORDABLE HOUSING MAINTAINED..TENANTS AND TAXPAYERS WIN VICTORY
Release Date: November 15, 2006

The Greenburgh Town Board unanimously approved a resolution at a late night meeting (that ended 1:15 AM) last night consenting to Fairview Housing development acquiring Fairview Manhattan apartments from Farivew Manhattan Associates. Tenants at 100 & 90 Manhattan Ave, 33 Oak Street endorsed the resolution --after objecting to previous proposals for over a year.
Among the provisions of the approved plan are the following:
* The new owner will complete $8.25 million in capital improvements.
* Tenant rent increases will NOT DOUBLE. INstead, rent hikes for tenants who do not qualify for vouchers or do not disclose their income, will increase by 12 and a half percent a year until the tenant paid portion of the rent equals the then current HUD approved rent.
* In the event that the Enhanced Preservation Voucher program is terminated or the voucher rent payment is reduced as a result of changes in the program and not individual circumstances, the buyer agrees to forego 100% of the reduced amount of the voucher prayment for the first 12 months, 50% for the 2nd 12 months and 25% for the 3rd 12 months.
* Residents who are over income for the enhanced preservation vouchers will receive the same leases as qualified residents.
* The property will remain affordable for 30 years.
* THERE WILL BE A PILOT TAX BREAKS FOR THE OWNER FOR ONLY ONE YEAR. This building HAD RECEIVED TAX BREAKS FOR ABOUT 30 YEARS. FOR THE FIRST TIME THE BUILDING WILL NOT RECEIVE ANY TAX BREAKS AFTER THE YEAR ---GOOD NEWS FOR THE CENTRAL 7 AND TOWN TAXPAYERS.
I am very pleased with the agreement. I had held over previous proposals over the past year --feeling that we could get a better deal. This was a great partnership with the tenants ---we turned this into a win-win-win for everyone. The tenants will see their apartments renovated and will enjoy a better life. There will be no doubling of rents for anyone immediately--enabling tenants to stay in their apartments. The new owners received permission to buy the property. The property will stay affordable. This was one of the most rewarding votes of my tenure as Town Supervisor. I also am pleased because I feel that the tenants see government as their friend.
PAUL FEINER



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