Nassau County IDA approves economic compact for $7.9 million senior housing project in Farmingdale

Farmingdale, NY According to Nassau County executive Edward Mangano, the Nassau County Industrial Development Agency (IDA) has approved an economic compact that will assist a developer in building an apartment complex in Farmingdale, intended and operated for occupancy for persons 55 years of age or older. 

“This project will further the redevelopment efforts of the Village of Farmingdale as its works with its master plan to revive its downtown and will create new, much-needed housing options for seniors,” said Mangano.

The compact, approved by the IDA at its August 16th meeting, will assist Ronkonkoma-based Carlyle Building LLC in constructing a 50,497 s/f, 3.5-story apartment building on vacant land at 776-780 Fulton St. The project would have 24 units, three one-bedroom apartments and 21 two-bedroom apartments.  

Designated as a “Housing for Older Persons” project in accordance with the Fair Housing Act, the development would be intended and operated for occupancy by persons 55 years of age or older. In addition, three of the units will be affordable – one unit will be for a household with an income not to exceed 50% of area median income; and two units will be for households with incomes not exceeding 80% of area median income. The Long Island Housing Partnership will assist in marketing and leasing the affordable units. 

The proposed $7.9 million senior housing project would be the latest addition to the village’s downtown renaissance. The project will generate 50 construction industry jobs and two permanent full-time-equivalent positions and inject $16 million into the Nassau County economy and more than $1 million in new tax revenue.

Other residential projects in the village’s downtown that have received IDA economic compacts in recent years, include the 42-unit Cornerstone at Farmingdale and the 154-unit complex called Farmingdale Plaza.