Westchester County’s Industrial Development Agency today approved $12 million in tax-exempt bond financing to renovate Rye Manor, a 100-unit senior housing complex on Theall Avenue in the city of Rye. The project will create 75 construction jobs and use green technologies to improve energy efficiency, according to County Executive Rob Astorino.
Construction is scheduled to start in November and take no more than a year. Residents will not have to relocate during construction. There is no financial risk to taxpayers, county officials said.
“Rye Manor’s $23 million plan will provide healthier and safer homes for Westchester seniors, preserve affordable housing for those who need it most, while at the same time we are doing our part to help the environment,” Astorino said in a statement.
Rye Manor LLC wouldn’t have been able to get the project moving without IDA financing, executive vice president John Madeo said in a statement.
Renovations to the four-story building will address the long-term durability of the major building systems, such as the boiler, windows and facade, and it will include substantial electrical work and upgrades. The main boilers, trash compactor, refrigerators, stoves and roof-top kitchen and bathroom exhaust fans will be replaced with Energy Star-rated equipment.
Also today, the IDA approved a resolution to provide Marathon Development Group $12 million in tax-exempt bond financing to renovate a 99-unit affordable housing complex in White Plains. The total cost of this project is $17.3 million and will also use green technology.
(Contributed photo of John Madeo of Rye Manor and Westchester County Executive Rob Astorino.)