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Middletown officials outline $50 million plan to add 100 affordable housing units with Middletown Housing Authority
Summary
City officials described a $50 million project to add 100 affordable units and renovate 99 existing units under a Middletown Housing Authority-led plan; city participation would be a payment-in-lieu-of-taxes and a 1.1-acre property donation, not direct cash.
Mayor (name not specified) told the Common Council on April 15 that a proposed $50 million project with the Middletown Housing Authority and developer Edgemere Development would create 100 new affordable housing units and fully renovate 99 existing units across Summit Field and David Moore Heights.
The mayor said the city's participation would be limited to a payment in lieu of taxes (PILOT) that “will mirror what the Housing Authority pays now” and the donation of about 1.1 acres of city-owned land contiguous to Housing Authority property on Sweezy Avenue. The mayor said there would be no direct city cash commitment to the project.
The plan, the mayor said, would be financed principally with tax-exempt bonds and New York State low-income housing tax credit financing; the mayor identified the New York State Housing Finance Agency as the likely lender of low-interest loans that make the project feasible. He said the package also supports the city’s “pro housing…
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