Yonkers IDA approves financial
incentives for $36.1 million senior housing

Yonkers, NY The Yonkers Industrial Development Agency (YIDA) voted final approval at its August 13 meeting of financial incentives for a $36.1 million affordable senior housing development located at 221-223 Buena Vista Ave.

The nine-story building would feature 94 units comprised of 40 one-bedroom units and 54 studios. The building would have amenities including a community room, fitness center and roof-top green space for residents. There will be 47 parking spaces.

The developer, Buena Vista Group LLC, will receive a sales tax exemption of $1,819,375 and a mortgage tax recording exemption of $849,224. The developer is also receiving a 15-year real property tax abatement of $902,963 for total assistance of $3,741,407. The project is estimated to create between 80 and 100 construction jobs and 5 to 6 full-time jobs.

According to a financial and impact analysis prepared for the YIDA by Storrs Associates, the project is estimated to result in a net fiscal benefit to the city of $2,070,452 over the 15-year term with a cost benefit of $2.04 for every $1.00 in assistance from the YIDA.

In other business, the YIDA voted final approval of a sales tax exemption of $1.996,875 for Champlain Hudson Power Express LLC (CHPE LLC) for a $22.5 million project to install a power transmission line under a 4.3-mile portion of the Hudson River along Yonkers. 

The transmission line, which will bring hydropower from Quebec to New York City, will travel through northern New York State, the Hudson Valley and terminate in Queens. It is expected to alleviate supply concerns deriving from increased demand for electricity and the retirement of the Indian Point nuclear power plant. Work is expected to begin in mid-2026.

CHPE has offered the YIDA a fixed Payment in Lieu of Taxes (PILOT) of $7,965,472 over 30 years. The funds would be divided between three taxing jurisdictions: Yonkers School District (57.54%) City of Yonkers (27.91%) and Westchester County (14.55%).