Hempstead IDA gives preliminary <br>OK to 36-unit apartment project

Hempstead, NY Fred Parola, CEO of the town of Hempstead Industrial Development Agency, said that the IDA has given preliminary approval to economic development incentives to a developer planning to build apartments on a parking lot in downtown.

The IDA granted preliminary approval to the benefits grant to 160 Marvin Ave. Realty LLC at its meeting on Oct. 21. The project requires a public hearing, scheduled for Nov. 6, and a final authorizing resolution at a meeting on Nov. 18

The developer, whose principals are Aisha Hussain and Ran Nizam, has proposed building a three-story, 36,054 s/f apartment building with 36 rental units over ground-level parking on an acre that has been used as a parking lot for American Legion Post 390 at 160 Marvin Ave. The American Legion pays no taxes on the lot.

The developer will reserve 10% of the units for tenants requiring affordable housing with an annual income at or below 80% of the area median income and another 10% for tenants requiring workforce housing — those with a yearly income at or below 120% of the area median income. The project will include 16 two-bedroom units and 20 single-bedroom units. 

The proposed $15 million project will create one part-time job and potentially as many as 30 construction industry jobs.

“We’re pleased to move this project forward as part of the revitalization of Hempstead,” said Parola. “Upon completion, this project will provide much-needed affordable rental housing for residents of the village and the town and bring in additional revenues for taxing jurisdictions.”

The developer has obtained financing from The New York State Small Building Participation Program, which provides financing for developers to preserve or create affordable rental housing in small buildings of five to 50 units outside of New York City.

Since obtaining preliminary approval from the IDA for the project, the developer has applied for benefits for another 96-apartment project on an adjacent site.

The town of Hempstead Industrial Development Agency is a public benefit agency with the power to help qualified businesses relocate, expand, and build in the town of Hempstead, New York’s largest town. New York State authorizes the town of Hempstead Industrial Development Agency to promote economic development with financial assistance and tax relief. The town is committed to responsible development, emphasizing its stable tax base, highly educated workforce, and access to major airports, New York City, and world markets. IDA assistance has resulted in more than $2 billion in project financing and has created or retained 11,000 permanent jobs to benefit the town’s economy.