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GROUNDBREAKING SET FOR THE ENCLAVE ON 5TH

On Tuesday, September 3, 2013 at 1:00 pm, a groundbreaking ceremony will take place at 15 South 5th Avenue, Mount Vernon, NY, the site of a new mixed-use educational and housing development, The Enclave on 5th.

Enclave Equities, through its development arm, is rehabilitating the long vacant office building. The approximately 80,000 square foot 4 story structure, formerly a NYNEX telephone call center, will be completely renovated with 40 new affordable housing units for senior households aged 55 and over. The ground and sub-level floors will be the new home for the Westchester Community College Mount Vernon Extension Campus. It is within walking distance to shopping, hospitals, public transportation, and other facilities.

“Governor Cuomo has made it a priority to expand affordable housing for New Yorkers in need. The state’s investment in this senior housing project will provide high quality, stable housing and contribute to the State’s revitalization, by strengthening communities,” said Darryl C. Towns, Commissioner/CEO of New York State Homes & Community Renewal.  “Earlier this year the Governor announced a $1 billion House New York program, the state’s largest investment in affordable housing in more than a decade that will create and preserve more than 14,300 affordable housing units over five years across the State. I congratulate our partners for bringing the different funding resources together to make this project a success.”

Support and funding for the Enclave was made possible through a collaborative partnership, bringing public and private resources together to finance this innovative project. New York State Homes & Community Renewal (HCR), through the Housing Finance Agency, is providing $5.22 million in bond financing and more than $370,000 in Low Income Housing Tax Credits to build the affordable senior housing units.

“Westchester Community College is excited about moving into this large Extension Center facility in Mount Vernon. Since the 1990s, we have had a presence in the city. This new site is 5,000-square-feet larger than our current location on Gramatan Avenue.  The new site will feature ten state-of-the-art classrooms, a lecture hall, and an Academic Support Center. This new building will help us interact even more with members of the community and to offer more services to our students,” says Dr. Joseph Hankin, President of Westchester Community College. 

Participants in the National Builders Association Apprenticeship Program, which affords employment and training to local workers, have taken a role in the property’s renovation.   The renovation, which will also include a street level café, began in May and is anticipated to be completed by the end of this year.

We are very excited about this project,” said Michael Goldberg, CEO of Enclave Equities. “We believe that the state of the art build-out will have a long lasting positive impact on Mount Vernon’s centrally located 5th Avenue corridor and anticipate that the unique tenancy and location of this project will catalyze significant growth and have a long term impact on the Mount Vernon community.” 

About New York State Homes and Community Renewal:

New York State Homes and Community Renewal (HCR) consists of all the State’s major housing and community renewal agencies, including the Housing Finance Agency, the Affordable Housing Corporation, the Division of Housing and Community Renewal, State of New York Mortgage Agency, Housing Trust Fund Corporation and others. HCR is committed to collaborating with partners, and keeping homes affordable and communities strong by managing a portfolio of more than 190,000 multifamily units and administering more than $1.5 billion each year to expand affordable housing opportunities and build strong communities throughout New York State.

 

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