LEVITICUS FUND - Faith Capital for Building Communities A community development fund for socially-responsive investors

News & Events> Revitalization of Southwest Yonkers Reaches Next Phase

 A $1.1 million acquisition loan from the Leviticus Fund is supporting the third phase of a nonprofit housing organization's comprehensive redevelopment of a downtown section of Yonkers, New York.

The Community Builders (TCB) used the proceeds of Leviticus’ loan to purchase a tired, 21-unit Mitchell-Lama affordable housing complex suffering from serious design and management challenges. The site will eventually be redeveloped as affordable rental townhouses. The project is part of a multi-year public housing redevelopment project that TCB is working on in partnership with the Municipal Housing Authority of the City of Yonkers.

Front view of the property at 209 Warburton Avenue, Yonkers, N.Y.  

TCB will initially stabilize the property at 209 Warburton Avenue and continue to maintain the building with its existing tenants for the next one to three years. The property also includes a child care center that is slated for renovations.

Once financing is secured for the property’s redevelopment, TCB will demolish the existing building and construct new affordable rental townhouses that are part of a phase of 72 units of new, mixed-income housing in the southwest section of Yonkers. TCB will provide tenants at 209 Warburton with relocation assistance that includes either a Housing Choice Section 8 voucher, relocation to another municipal affordable housing complex in proximity, or a rental unit in a new housing development in the area.

The Community Builders concept for the new townhouses

“The Leviticus Fund recognizes the high caliber of work by TCB to both develop and preserve affordable and mixed-income housing in economically struggling communities,” said Greg Maher, Leviticus’ Executive Director. “The redevelopment at 209 Warburton Avenue, in addition to the other two phases of TCB’s work in Yonkers, will significantly enhance the quality of affordable housing in the community, generate jobs and spark further growth of the local economy.”

Phase one of TCB’s redevelopment work in Yonkers is a $63 million project on the site of the blighted former public school (PS6) at 33 Ashburton Avenue. The project, known as Schoolhouse Terrace, is slated for completion in April of 2015 and includes 50 units of affordable housing for seniors in one building, 70 additional units in an adjacent building for families and one unit for a maintenance superintendent.  

The project’s second phase, valued at $27 million, will initially replace two distressed buildings at the Cottage Gardens public housing complex at 188 Warburton Avenue. The project’s third phase, including 209 Warburton Avenue, involves demolition of three additional public housing buildings at Cottage Gardens, yielding the 72 units of new, mixed-income rentals.

“We are proud to deepen our commitment to the city of Yonkers.  Thanks to the support of our federal, state, private and local community partners, the third phase of our redevelopment initiative will provide homes for 72 families, and act as a driver of revitalization for the neighborhood,” said Jesse Batus, who is Project Manager for TCB’s Yonkers development.

View of the back of the Warburton Avenue property.

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