GREENBURGH, N.Y. - The Greenburgh Town Board Tuesday unanimously selected MRH to lease the WestHELP property from the town for an estimated $9 million in revenue over 18 years.
The bid selection is contingent on the board's finalization of the terms of the lease, which is expected to happen sometime in the next several weeks, according to Town Supervisor Paul Feiner.
MRH plans to invest $2 million on renovating the apartments that will target MRH seniors and renters 55 and over at estimated rents of $1,134 per month per unit.
The developer plans to have 108 units ready for occupancy sometime later this year and offered several payment options.
• $1,500,000 paid up front , $0 rent in years 2 and 3, $500,000 rent years 4-18. • $1,500,000 paid up front , $441, 176.47 paid year 2 thru 18. • $3.5M Lump Sum payment up front
MRH will also pay any tax increases on the property if the assessor determines that the property is taxable. Feiner said the expected income and appropriate use of the property for senior and older tenants would assure that the district's schools would not be affected by a growning enrollment. "This is a good deal for the town," Feiner said in his update to the community. "The town will be able to put the property to a good use -affordable housing. The revenue we will receive far exceeds what we had expected from other affordable housing developers, who had expressed interest in the proposal."
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