Yonkers IDA Votes Final Approval of Financial Incentives for Two Residential Developments Representing Total Private Investment of $68.7M

YONKERS, NY – The Yonkers Industrial Development Agency (YIDA) voted final approval at its September 11th meeting of financial incentives for two residential developments representing a total private investment of approximately $68.7 million.

Vordonia Construction Corp. received financial incentives for a $43.8 million residential development at 70 Jackson Street. The project features 128 market rate units comprised of 18 studios, 78 1-bedroom units and 32 2-bedroom units. The incentives included mortgage recording tax exemptions and sales tax exemptions. The developer was also approved for 15-year PILOT.

Saber-Hightower received financial incentives for a $24.9 million residential development at 21 Scarsdale Road. The project features 50 market rate units comprised of 10 studios, 15 1-bedroom units and 25 2-bedroom units. The incentives included mortgage recording tax exemptions and sales tax exemptions. The developer was also approved for 20-year PILOT.

In other business, the YIDA voted preliminary approval of financial incentives for a residential development at 372 Riverdale Avenue. The $102 million project, which is being developed by Trinity Associates, will feature 145 affordable units. The developer is requesting a mortgage recording tax exemption and a 30-year PILOT.

Established in 1982, the Yonkers Industrial Development Agency is a public benefit corporation that provides business development incentives to enhance economic development and job growth in the City of Yonkers. For more information about the Yonkers IDA, visit www.yonkersida.com/