Ali RosenNov 22, 2017, 4:08 pmNov 22, 2017, 4:09 pm

Mount Vernon taxpayers oppose proposed affordable housing project

Project to include a list of exemptions from developer

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MOUNT VERNON -- Mount Vernon tax payers do not want the city's Industrial Development Agency to approve tax breaks for the proposed $53.4 million affordable housing project, known as The Point, to go up on south Fourth and Fifth avenues.

The developer, MVP Realty Associates, is requesting the IDA approve an agreement that consists of:
-- $3.6 million in sales tax exemptions on building materials
-- A $625, 568 mortgage-recording tax break
-- And a 30-year payment-in-lieu-of-taxes agreement.

With 210 units, the project is anticipated to house young children. But if the IDA approves financial assistance, school taxes will be added to the list of exemptions for the developer.

During this public hearing on Wednesday, the attorney for the board of education spoke once again against financial assistance for this project.

Members of the city's industrial development meeting say they will take the public’s comments into consideration and vote on the matter in the coming weeks.

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