FOR YOUR CONSIDERATION: WHAT IS CROTON'S BOARD OF TRUSTEES DOING WITH THE KATZ PROPERTY?
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The following letter was published in this week’s issue of the Gazette.
To the editor:
As Croton embarks on a re-zoning to encourage apartment development, we are told that these will be affordable apartments for Croton seniors, teachers, and the like. Last week’s announcement of a 75 unit affordable development in Peekskill has some relevance to the Croton discussion.
The Peekskill development is well thought-out and designed with today’s multi-family market in mind. Amenities include a performing arts studio, gallery exhibition space, a courtyard, fitness room, and a rooftop terrace with Hudson River views. There will be a bake shop, gallery, and Green’s Natural Foods on the ground floor.
This is not the “affordable housing” of yesteryear. It is upscale living designed to attract an upscale demographic who don’t want to pay market rental rates but do want to munch on organic hors d’oeuvres while sitting on a taxpayer-funded terrace watching the sun set over the Hudson.
The numbers look like a vote of confidence in Peekskill: out of a near $28 million asset, there is $14.6M in equity. That sounds like a strong vote of confidence from private investors. But a closer look shows that the “equity” is actually comprised of Low-Income Housing Tax Credits and NYS Department of Environmental Conservation tax credits.