With the demolition of four vacant deteriorated houses completed and financing in place, construction is set to begin to create 29 affordable and moderately priced rental units in the Town of Hempstead.
The project at 479 Front St. in Hempstead Village received $800,000 in Federal HOME funds from Nassau County’s Office of Housing and Community Development. The HOME Investment Partnerships Program, through the U.S. Department of Housing and Urban Development, gives grants to states and local governments to create affordable housing for families. In addition, the project received $2 million in grants from the Empire State Development Corp.
“Long Island has a severe shortage of rental housing stock in comparison to other areas,” Nassau County Executive Edward Mangano said in a statement. “My administration understands the link between housing that is affordable and a growing economy.”
The project, Village Lofts, will have 23 units for households earning no more than 90 percent of the Nassau County Area Median Income as established by HUD.
The other six units will receive HOME assistance; four units will go to families earning no more than 60 percent of the AMI and two unit to families earning no more than 50 percent of the AMI. Nassau’s AMI is $107,500.
There will be one- and two-bedroom units and larger two bedroom duplexes. Rents will range from about 1,008 to about $2,050 a month.
All HOME-assisted units must meet program affordability requirements for 20 years. The Town of Hempstead is the property titleholder, and a PILOT (Payments in Lieu of Taxes) agreement exists between the developers and the town’s Industrial Development Agency.
The project will be monitored for the next 20 years to ensure it stays an affordable housing development.