Peconic Crossing, a mixed-income rental building under construction in Riverhead, is nearing completion and should be ready for residents to move in by July, developers said Wednesday.
The Community Development Corp. of Long Island and Conifer Realty LLC will hold a lottery at Riverhead Town Hall on Friday at 10 a.m. to select the building's residents. The Community Development Corp. said it received more than 700 applications by the May 25 deadline.
The 45-unit building on West Main Street is open to those earning from 50 percent to 90 percent of the area median income, or up to $76,160 for two people. Rents range from $976 for a one-bedroom apartment to $1,562 for a two-bedroom unit.
Preference will be given to artists and those displaced by storms such as Sandy and Tropical Storm Irene. The building includes a laundry, a fitness center and gallery space for local artists.
The building was financed in part by loans from Suffolk County and the Empire State Development Fund, $4.5 million in federal storm recovery funds, more than $9 million in low-income housing tax credits and a grant from the New York State Energy Research and Development Authority. Financing also was provided by Capital One, the Community Development Trust and the Community Development Corp.
More information is available at www.coniferllc.com/properties/entry/view/217-peconic-crossing.