New Rochelle IDA approves 115‑unit deeply affordable senior housing, grants 30‑year PILOT and tax exemptions for 438 Main Street

The New Rochelle Industrial Development Agency on Sept. 24 unanimously approved tax exemptions and a 30‑year payment‑in‑lieu‑of‑taxes (PILOT) agreement to support a proposed 115‑unit deeply affordable senior housing development at 438 Main Street.

The board’s resolution authorizes a sales‑tax exemption, a mortgage‑recording‑tax exemption and a 30‑year PILOT that deviates from the agency’s Uniform Tax Exemption Policy (UTEP) to advance the project proposed by 438 Main Development LLC. The vote passed with no opposition.

The project, as described to the board, would construct a six‑story building containing 115 affordable senior units (including one superintendent unit), commercial space and roughly 80 parking spaces on the long‑vacant site of the former Union Baptist Church. Adam Salgado, commissioner of development and the IDA executive director, introduced the application and presented the public‑hearing process before the board.

Kevin Grama, the IDA’s financial…