By GREGORY ZELLER //
Ground has broken on a Glen Cove affordable-housing development trumpeted by Albany as a major score for working-class families.
Governor Andrew Cuomo announced the start of construction July 1, calling the $32.3 million development – featuring two 4-story buildings and 55 rental units that are “affordable based on the area median income,” according to the governor’s office – “critical affordable housing” and a major upgrade for an underused waterfront stretch known as Garvies Point.
“An important component of building back our state better than it was before is ensuring that all working families have a safe, affordable place to call home,” Cuomo said. “This project will … continue [Glen Cove’s] ongoing effort to transform this once-underutilized swath of waterfront into a vibrant community.”
Partially financed through the New York State Division of Homes and Community Renewal, the Georgica Green Ventures project also benefits from a state allocation of federal low-income housing tax credits projected to generate about $13.4 million in equity and $7.7 million in subsidy. Additional financing includes an $8.4 million subsidy from global investment-management firm Barings and $900,000 in funding through Nassau County’s HOME Investment Partnerships Program.
David Gallo: Exciting opportunity.
The project will create energy-efficient homes, including nine units adapted for individuals with mobility, hearing or visual impairments – six built for individuals with a mobility impairment and three built for tenants with a hearing or visual impairment.
The Jackson Heights-based United Spinal Association and the Nesconset-based Cleary School for the Deaf are expected to provide tenant referrals for the nine units.
Both buildings – which are being designed to be “consistent with the historic character of the neighborhood’s waterfront area,” according to Cuomo’s office – are expected to meet Enterprise Green Communities Criteria and achieve U.S. Green Building Council LEED Silver Certification.
Scheduled amenities include common laundry rooms, bike storage, a children’s playroom, a gymnasium and on-site parking.
Nassau County Executive Laura Curran called the project “a great example of how government can partner with the private sector to provide affordable places for people to live while delivering much-needed economic development,” and Glen Cove Mayor Tim Tenke vowed that “units will remain affordable for decades to come, securing housing for all sectors at the Glen Cove Waterfront.”
“Affordable, quality housing is desperately needed throughout Long Island and has a place in all communities,” Georgica Green Ventures President David Gallo said in a statement. “It’s exciting and satisfying to bring this project to the vibrant City of Glen Cove, as part of an ambitious revitalization of the waterfront.”
