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Housing plan dedicated.

Cross Creek at Van Cortlandtville, one of the more successful private/public housing partnerships in Westchester County in recent years, was officially dedicated last week. The event came a little more than a year after all 40 of its townhomes completely sold out to middle-income families in two weekends of frenzied sales activity.

P. Lynn Oliva, Westchester County Commissioner of Housing & Community Development, was among several speakers praising the formula under which county and state subsidies enabled the developers to bring in the townhouses about 25 percent under comparable homes sold at market prices.

Also speaking at the dedication were Naomi Bayer, director of the New York State Affordable Housing Corporation; and William Baiter, whose Baiter Properties, Inc. of Peekskill developed the community with Wilder Property Companies, Inc. of Elmsford.

Cross Creek at Van Cortlandtville was made possible by a $582,000 grant from the Westchester County Housing Implementation Fund, and a $1 million grant from the New York State Affordable Housing Corporation.

The county money was used to defray the cost of infrastructure on the site, according to Balter. The state funding was passed along to buyers with annual family incomes between $35,000 and $55,000 in the form of loans totaling $25,000 a unit, which are forgiven if they adhere to resale restrictions.
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Title Annotation:Mid-Year Review & Forecast, Section I; Cross Creek at Van Cortlandtville subsidized housing development in Westchester County, New York
Publication:Real Estate Weekly
Date:Jun 23, 1993
Previous Article:REITs and other 'opportunities.' (evaluation of real estate investment trusts) (Mid-Year Review and Forecast, Section I) (Column)
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