Creating Affordable Housing in Yonkers

In 2020, the Leviticus Fund provided financing to Westhab to support the construction of Hudson Hill, a new affordable housing project in Yonkers, New York.

Hudson Hill is located in southwest Yonkers, the section of the city that is the primary focus of our 2019 Yonkers Housing report that examined the opportunities and challenges the city faces as it experiences new waves of development. The project is another important step in Westhab’s efforts—and ours—to increase the supply of equitable, affordable housing in Yonkers.

The $2.3 million loan is the 11th loan that we have made to Westhab, the largest provider of low-income, affordable housing and related services in Westchester County. A vacant church currently occupies the site on which Westhab will build Hudson Hill, and the nonprofit will use the financing to acquire the property and to cover associated predevelopment costs, including architectural and engineering fees.

Westhab will construct new affordable housing on the site and is considering different development scenarios depending on a pending decision before the Yonkers Zoning Board of Appeals. A preferred scenario is to construct 98 affordable rental units that would be a mix of studio, one-, two and three-bedroom units that would be restricted to households earning no more than 60% of area median income.

Westhab is also considering two other alternative scenarios for the property: developing, as-of-right, 52 rental apartments that would set aside 31 units as supportive housing, which will require the nonprofit to secure additional funding through the New York Empire State Supportive Housing Initiative; or develop all of the units just as affordable housing accessible to those earning no more than 60% of area median income. Westhab expects to finalize its plans for the property in the last quarter of 2020.

The Leviticus Fund and Westhab share a deep commitment to fostering inclusive development in communities where the population is growing and property values are rising. We are pleased to support the development of Hudson Hill and to create new housing opportunities for lower-income residents of Yonkers.

 

 
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