Yonkers, NY The Municipal Housing Authority for the City of Yonkers (MHACY) is seeking to partner with market rate building owners to expand the city’s base of affordable housing.
MHACY released a request for proposals seeking building owners to participate in the Section 8 Housing program. Section 8 provides vouchers through the U.S. Department of Housing and Urban Development that subsidize rental units in market rate buildings for income-qualifying tenants. The program would also be a major plus for building owners and developers who need to meet the requirements of the city’s affordable housing law.
“This is a win-win situation for tenants, building owners and the city of Yonkers,’’ said MHACY board chairman James Landy. “This is the first time in over a decade that we are seeking RFPs for these vouchers. It will not only expand our base of affordable housing but will give developers incentive to create more market rate housing in our city.’’
“During this challenging economic time, while many families across our city are facing housing challenges during the COVID-19 crisis, this is yet another way we can leverage more quality, affordable housing for Yonkers’ working families, young people starting out and seniors who want to age in place,’’ said city mayor Mike Spano. “Thanks to leadership of MHACY for working in tandem with our efforts.”
Wilson Kimball, MHACY’s president and CEO, said the initiative was part of a larger push to expand affordable housing opportunities including redevelopment of Cottage Place Gardens, new construction of senior housing at the former Longfellow School and partnering with private developers in new and creative ways.
MHACY is also poised to complete a $300 million, three-year plan to renovate more than 1,700 units of public housing in the city under HUD’s Rental Assistance Demonstration (RAD) program with 1,450 units already completed and 450 under construction. The program allowed the city and MHACY to leverage its properties and use tax credits to attract private investors. It is the most extensive public housing renovation in the nation using public/private financing.
“Housing is key to the vitality of any city. In addition to all the new market rate housing that is going up, we have renovated our public housing stock and are now making more affordable housing available through the use of Section 8 vouchers in partnership with building owners,’’ said Kimball. “This three-prong approach ensures that we provide a full-spectrum of housing, and renew our commitment to provide safe, affordable housing for working families.’’