Yonkers group completes renovation marathon.Major capital improvements at Jackson Terrace, a 181-unit affordable rental property at 100 Herriot St., just blocks away from the Yonkers waterfront, are nearing completion, announced Mark Beida, senior vice president of Marathon Development Group, Ltd., the new owner of the 33-year-old property. The project includes the modernization modernization Transformation of a society from a rural and agrarian condition to a secular, urban, and industrial one. It is closely linked with industrialization. As societies modernize, the individual becomes increasingly important, gradually replacing the family, of both elevators, as well as the installation of a new roof, new boilers, electrical and plumbing plumbing, piping systems inside buildings for water supply and sewage. The Romans had a highly developed plumbing system; water was brought to Rome by aqueducts and distributed to homes in lead pipes—hence the name plumbing from the Latin word plumbum upgrades and major renovations in all of the apartment units and parking garages. Built in 1971 as a federally-subsidized rental building, Jackson Terrace was in urgent need of modernization. When Marathon Development acquired the property in March 2004, it began the renovation project, which included major infrastructure improvements, as well as apartment and common area renovations. Each apartment received new appliances, raised panel wood kitchen cabinets, new wood flooring Wood flooring is a type of flooring made from the timber of hardwoods, or of spruce or hard pine. There are two basic manufactured types of hardwood. Wood flooring comes unfinished, and once installed is sanded, then finished on site. in the living rooms, carpeting in the bedrooms and upgraded bathrooms. "Marathon Development Group's focus is the preservation of affordable rental housing," said Mr. Beida. "Jackson Terrace was particularly attractive to us because of its great location overlooking o·ver·look tr.v. o·ver·looked, o·ver·look·ing, o·ver·looks 1. a. To look over or at from a higher place. b. the Hudson River Hudson River River, New York, U.S. Originating in the Adirondack Mountains and flowing for about 315 mi (507 km) to New York City, it was named for Henry Hudson, who explored it in 1609. Dutch settlement of the Hudson valley began in 1629. and convenience to the Yonkers train station and booming downtown area. It was also a good opportunity because the systems and apartments were time-worn, rather than neglected, so the improvements we made will give the building a second life." Jackson Terrace is being redeveloped under a HUD Hud (h  d), a pre-Qur'anic prophet of Islam. Hud unsuccessfully exhorted his South Arabian people, the Ad, to worship the One God. preservation
program, which has been used throughout the country to facilitate the
sale or refinancing RefinancingAn extension and/or increase in amount of existing debt. of older subsidized sub·si·dize tr.v. sub·si·dized, sub·si·diz·ing, sub·si·diz·es 1. To assist or support with a subsidy. 2. To secure the assistance of by granting a subsidy. projects that might otherwise be converted to market-rate housing. As mandated by HUD, the goal of the preservation program is to preserve affordable housing resources, while giving older buildings a new lease on life. "The preservation of affordable housing is especially important in high-demand areas like the Yonkers waterfront," said Mr. Beida. "Where gentrification gentrification, the rehabilitation and settlement of decaying urban areas by middle- and high-income people. Beginning in the 1970s and 80s, higher-income professionals, drawn by low-cost housing and easier access to downtown business areas, renovated deteriorating is common, it is very appealing for owners to convert to market-rate units." Under HUD's program, Marathon Development Group has agreed to extend the term of the rental restrictions in exchange for receiving a partial interest subsidy Interest subsidy The value of a firm's deduction of the interest payments on its debt from its earnings before calculation of its tax bill under current tax law. on the mortgage. In addition, Jackson Terrace is being partially financed through the sale of Low Income Housing Tax Credits that will further require the new owner to maintain the property as affordable rental housing for a longer period of time. As part of the program, qualified residents at Jackson Terrace are eligible to receive Section 8 enhanced preservation vouchers, which will ensure their the rent does not exceed 30% of the household income. Some concern was initially expressed among residents regarding rent increases. When the new owner took over the property in March and began updating the income records of the residents, it found that increases had not always been correctly reported. As a result, several residents have had increases in the resident-paid portion of their rents, which is required by HUD's 30% income requirement. "Change is never easy and, although many of the residents qualify for the preservation vouchers that will eliminate increases in the resident-paid portion of the rent, there may be some who will still be unhappy, despite our efforts," said Mr. Beida. "But overall, this has been a very successful project." Completion of the renovations is scheduled for early 2005. |
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