A Centereach nonprofit and a Rochester developer have won $5.5 million in New York State tax credits for an apartment building designed for artists in downtown Riverhead.
Peconic Landing LLC -- a partnership between the nonprofit Community Development Corp. of Long Island and developer Conifer Realty LLC -- had the only Long Island project to receive some of $141 million in statewide affordable housing awards Gov. Andrew M. Cuomo announced Tuesday.
CDC of Long Island has pitched the five-story building as a part of revitalization efforts in downtown Riverhead, and is seeking approval from the town planning board.Find A Home
"I'm thrilled," Marianne Garvin, president of CDC of Long Island, said Tuesday. "This change is going to be awesome for downtown Riverhead."
The $5.5 million credit was a combination of awards from two state programs: one for affordable housing and another to replace rentals lost in superstorm Sandy, Garvin said.
The 48-unit building is designed with an art gallery and parking on the first floor, and apartments and music practice space on the upper four floors. Musicians, painters and other creative professionals -- as well as people displaced by Sandy -- would have preference when applying for apartments.
The $17.3 million Peconic Landing project is planned for the West Main Street site of the Long Island Science Center, which is relocating. Rents are to range from $952 to $1,528, and most of the apartments are to be reserved for people making below 50 percent to 60 percent of the median income.