Affordable project enters third phase.Construction has begun for new affordable homes on Holland Avenue in Staten Island Staten Island (1990 pop. 378,977), 59 sq mi (160 sq km), SE N.Y., in New York Bay, SW of Manhattan, forming Richmond co. of New York state and the borough of Staten Island of New York City. , announced Leewood Real Estate Group, the project's developer. Known as Heron Pond III, the ten-home development is the third phase of new affordable housing in this neighborhood targeted to middle-income mid·dle-in·come adj. Of or relating to people or groups whose income falls in the middle of the range for an overall population. families. The homes combine afford-ability with luxury amenities such as closet space, private back yards and off-street parking. They start at $289,000 and potential homeowners should have a minimum annual income of at least $55,000. Qualified homeowners will be eligible for a 421 (b) tax exemption tax exemption, immunity from the requirement of paying taxes. Federal, state, and usually local law provide exemption from taxation for a wide variety of organizations, usually not-for-profit, such as churches, colleges, universities, health care providers, various , providing for partial real estate tax abatement A reduction, a decrease, or a diminution. The suspension or cessation, in whole or in part, of a continuing charge, such as rent. With respect to estates, an abatement is a proportional diminution or reduction of the monetary legacies, a disposition of property by will, when . The homes will be ready for occupancy in summer 2004. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion