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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.
In reality, the only risk to the developer is in a $6.8M mortgage guaranteed by SONYMA, the NYS mortgage agency. SONYMA gets funded thru tax-exempt bond issuance, and SONYMA multi-family mortgages are insured from money raised by a tax you pay when you record your home mortgage. In short, even that $6.8M mortgage is subsidized by we the taxpayers. READ MORE AT http://www.crotonunited.org/news-views/2019/5/10/what-is-crotons-board-of-trustees-doing-with-the-katz-property
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.
In reality, the only risk to the developer is in a $6.8M mortgage guaranteed by SONYMA, the NYS mortgage agency. SONYMA gets funded thru tax-exempt bond issuance, and SONYMA multi-family mortgages are insured from money raised by a tax you pay when you record your home mortgage. In short, even that $6.8M mortgage is subsidized by we the taxpayers. READ MORE AT http://www.crotonunited.org/news-views/2019/5/10/what-is-crotons-board-of-trustees-doing-with-the-katz-property
Don't worry Croton. If you love your view, you can keep it.
ReplyDeleteafford. housing has to be marketed to people in the region. you're a fool if you think it is just for Croton people. just look around at the afford. housing we got and see how many Croton people who lived here forever actually got to move in.
ReplyDeleteI SAY IF THIS REZONING IS SUCH A GOOD IDEA, LET'S PUT IT WHERE EACH AND EVERY CURRENT TRUSTEE LIVES. THEY CAN TEACH BY EXAMPLE.
ReplyDelete