Westchester to Build Affordable Housing in Larchmont

By
Real Estate Broker/Owner with J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY License # 49FA1074963

Just over a year ago, Westchester County settled a lawsuit with the government that called for it to build 750 affordable housing units in mostly white part of the county. The background of the case is lengthy and the local discussion of the matter has been heated in some quarters. The bottom line was a promise from the county to put over $50 million toward the housing. 

Earlier this month, plans were announced to build a 51-unit complex in Larchmont, replacing a project which would only have 5 of the 51 units be deemed "affordable". Larchmont is small, just over a square mile, and has a population of 7,000. There is a concern about development and environmental impact among residents, but I doubt that the project will not go forward. Other towns have plans for expanding affordable housing as a result of the settlement as well, and while you can't fight city hall, city hall can't beat Uncle Sam. 

There will be more on this as the remaining 699 units get planned and developed. 

Larchmont

Comments (4)

Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

"Affordable housing in Larchmont?"  My first reaction was wow, that sounds like an oxymoron.  Interesting I had no idea about this.  Also, I didn't realize the town was so small...seems like I've been going there a lot lately and I do seem to have a lot of customers there, despite its small size.

Nov 26, 2010 10:32 PM
Lee & Pamela St. Peter
Berkshire Hathaway HomeServices YSU Realty: (919) 645-2522 - Raleigh, NC
Making Connections to Success in Real Estate

Interesting topic on an upscale area Philip.  What are the same requirements when purchasing these subsidized homes? 

Nov 27, 2010 12:14 AM
J. Philip Faranda
J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY - Briarcliff Manor, NY
Broker-Owner

Lee and Pamela- my experienced with these sorts of things is that they can never be sold at "market" value- that once resold, the appreciation is capped and the price is, for lack of a better term, suppressed. The purchasers must ave income at the time of purchase that does not exceed a certain % of the average for the census tract. This is an extremely broad interpretation, but I hope you get the gist. 

Debbie- You'll see the same oxymorons all over the county as the units are built. 

Nov 27, 2010 12:20 AM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Philip, at a time when so many people are struggling to find quality housing, getting a boost like this is much needed. Time will tell who chooses to venture there but at least it's a step in the right direction.

Nov 27, 2010 12:50 AM

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