2026 Developing Long Island: Affordable rental housing is in focus at The Hempstead Industrial Development Agency - Frederick Parola

The Town of Hempstead Industrial Development Agency (IDA), reflecting shifting market needs, continues to increase its focus on bringing desperately needed affordable rental housing to the Town of Hempstead.

In recent months, the IDA has authorized assistance to five projects aimed at addressing our serious shortage of rental housing in the town. Together, these projects will bring more than 1,000 homes, many of them affordable, available to renters. And more are in our pipeline.

In addition to bringing new housing to the town, these projects will generate positive economic impacts by transforming vacant or underused parcels of land into economically productive sites. Indeed, one of our most recently approved developments, BOSFA Valley Stream, is aimed at transforming a municipal parking lot into a complex of 215 apartments.

Among the largest of our new projects is Main Street Hempstead Apartments (257 Main St.), a $123 million plan for a seven-story, 246-unit complex featuring retail space and a parking garage in the Village of Hempstead, led by developer Rashid Walker.

Not only do these projects provide housing, but they also generate construction jobs, permanent jobs, and increase the revenues of our various taxing jurisdictions, all part of the IDA’s mission. These new rentals will also assist businesses in our town to retain workers and attract new employees.

Our IDA programs reflect the business-friendly policies of the Town of Hempstead and the enthusiastic involvement of leaders in government, business, finance, education, and other institutions.

The IDA’s efforts to assist housing has been affirmed by courts in New York State. In 2017, in a case involving a proposed IDA project in the Village of Hempstead, the State Supreme Court confirmed that the IDA possessed the legal authority to grant tax incentives to mixed-use and residential downtown revitalization developments. And, earlier this year, the Appellate Division of the State Supreme Court ruled that IDAs have the legal authority to provide financial assistance and tax breaks for affordable senior housing projects.

To be sure, there are other types of developments that have been assisted by the IDA. We have helped projects such as assisted living facilities, hotels, offices, and industrial buildings. 

The Hempstead IDA has enabled many developers to build in our communities when they otherwise would not. Using financing incentives and tax abatements, we can assist eligible companies in cutting the cost of acquiring, equipping, and constructing new projects. The Town of Hempstead IDA has enabled many developers to build in our communities.

All things considered, the housing projects assisted by the IDA are true benefits to the residents of our town.

Frederick Parola is the chief executive officer of the Town of Hempstead Industrial Development Agency, Hempstead, N.Y.