The Town of Hempstead Industrial Development Agency last month approved the sale of a Hempstead Village affordable housing complex and a 10-year extension of its tax breaks.
The IDA board voted 7-1, with James Marsh voting against, at its Sept. 18 meeting to approve the sale and benefits extension for the 240-unit Park Lake Residences, IDA executive director Fred Parola said.
The new owners, Park Lake Owner LLC, Jaffe Family TIC LLC and E. Nelson Family TIC LLC, will see the complex’s “payment in lieu of taxes,” a property tax break, extended for an additional 10 years, according to Parola and a news release from the IDA.
The new owners have said they will invest $7 million renovating the complex, which was built in 1940, according to the release.
“This complex has provided an affordable place for people to live in the Village of Hempstead for more than 70 years and our assistance package will provide continued affordable housing while helping the new owners reinvigorate the complex,” Parola wrote in the release.