When completed, Pinebrook will provide affordable homes for individuals and families who cannot afford housing in the private marketplace. Prices range from $155,000 to $241,200, depending on square footage. The development is designed to reach households whose incomes are no greater than 80 percent of the median income of Westchester County.
The median income for a family of four is $103,700. Eligible applicants are singles whose income is no greater than $58,100; two people, $66,400; three people, $74,700; four people, $83,000; and five people, $89,650.
Condo features include spacious apartment layouts (750 square feet to 1,630 square feet) each with a balcony in two elevator buildings with covered parking. Heat and air conditioning are individually controlled and energy-efficient. The Tudor-style exterior will complement nearby residential buildings. The units are within walking distance to the village’s retail center, Pinebrook Park and the Larchmont train station.
“Pinebrook is an exciting new opportunity for families of modest means to become homeowners in a community known for its award-winning schools and proximity to major employment centers,” said Rose Noonan, executive director of the Housing Action Council.
The developer is Wilder Balter Partners, a major builder of affordable and luxury housing in the Hudson Valley. The Housing Action Council, a regional nonprofit, is marketing and qualifying applicants for this development. M&T Bank is the construction lender.
Westchester County and New York state have provided financial assistance to assure the affordability of these homes. These 51 homes contribute to the 750 homes that the county must facilitate under its 2009 housing settlement with the U.S. Department of Housing and Urban Development.
A lottery will be held on Sept. 30 to determine the order in which applicants will be qualified. A spring/summer 2015 occupancy is planned.
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