A ribbon-cutting ceremony for a newly rehabilitated fair and affordable housing building was held on Wednesday, May 26, in the Village of Sleepy Hollow.
Originally constructed as a low-income project in 1972 by the Department of Housing and Urban Development (HUD), the College Arms building, home to 163 families, was nearing the end of its required “affordability” period.
The apartments are currently rented at levels which are affordable to families with incomes at or below 60 percent of the Area Median Income, which is $63,180 for a family of four persons.
Thanks to the help of the county, the state and HUD, Marathon Development Group was able to obtain the financing to renovate the building and preserve the below-market rents, thereby preventing the possible financial hardship for the residents.
The county provided $1.38 million in funds, through the New Homes Lands Acquisition program, towards the $23 million project. Other financing came from the state’s Housing Finance Agency, HUD and developer and tax credit equity which was used to finance the acquisition and rehabilitation of the improvements.
“At a time when housing costs have continued to climb beyond the reach of many working families, the county remains committed to providing high-quality, safe and affordable housing to lower income families,” said County Executive Robert P. Astorino.
The nearly 40-year-old building had never been renovated and the building’s elevators and heating plant were prone to breaking down. Marathon Development Group purchased the building in 2008 and embarked on a thorough “lobby-to-roof” renovation of the building. The corridors, lobby, elevators, laundry facility, building façade, heating plant and roof of the building were renovated.
In addition, apartments were refurbished with Energy Star appliances, as well as new cabinets, countertops, bathroom fixtures, wall coverings and flooring. To ensure the security and safety of the residents, a new sprinkler system, fire alarm and a state-of-the-art security system were added. A community room, with computer workstations for the use of the residents, was created from an underutilized space and a community garden now provides a peaceful oasis for residents and neighbors alike.When possible, Marathon Development Group incorporated "green" building techniques into the scope of work, promoting greater energy efficiency and a healthier living environment for the residents.
"Thanks to a strong public-private partnership, the rehabilitation of College Arms overcame many obstacles and is now a reality," said Mark Soja, president of Marathon Development. "The $10 million renovation was made possible by a combination of funding sources from county and state agencies and through the cooperation of Mount Pleasant and the Village of Sleepy Hollow."
Marathon Development Group was formed in 2004 as a full-service real estate development firm specializing in the development and preservation of affordable apartment communities. Marathon has since redeveloped more than 1,500 apartments specifically for lower income families, including more than 700 units in Westchester County.