Ashbourne Hall
Pleasantville, New York

Ashbourne Hall

The Pleasantville Housing Development Fund Company (PHDFC), a community based non-profit that works closely with the Village of Pleasantville on affordable housing issues, identified a serious community need for low-income housing for seniors.  The PHDFC obtained site control of two key parcels in the downtown within a short walking distance from most of the Village’s services, including its Metro North train station.  However, with limited housing experience and no working capital, PHDFC approached Jonathan Rose Companies for assistance. 

Jonathan Rose Companies, an affiliate of Affordable Housing Development Co. (AHDC) helped the PHDFC obtain much needed seed money, managed the design and construction process, and obtained the necessary construction and permanent financing, including an allocation of Low Income Housing Tax Credits from the New York State Department of Housing and Community Renewal.  In addition, important subsidy funding was obtained from the County of Westchester (HOME, CDBG, Section 8 vouchers and Land Acquisition Funds) and the Federal Home Loan Bank of New York Affordable Housing Program.  The construction loan was funded by JP Morgan Chase Bank and the tax credit equity was provided by the Enterprise Social Investment Corp.

The building, completed in the fall of 2003, now houses 26 seniors in 22 one-bedrooms and 2 two-bedroom apartments.  In addition, the Village of Pleasantville operates its senior citizens recreation and nutrition center in the build-to-suit 6,000 square foot ground floor commercial space.  Residents of the apartments as well as seniors from other parts of the Village benefit from a range of supportive services and activities including a full nutrition program.  AHDC introduced a variety of green building techniques into the building including blown-in cellulose insulation, large south facing windows with high performance low-e glass, energy efficient roof-top air conditioning for the senior center, low-VOC finishes in the apartments, waterless urinals, Energy Star appliances and high efficiency lighting.  In addition, because the building is located in town and near mass transit tenants do not need a car.  Only five parking spaces were required.


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Firm Role
Developer

Project Description
Development of an affordable senior citizens center complete with on-site community services including, nutrition, health screenings, and activities

Construction Type
New Construction, CMU and brick

Architect
Kaeyer Garment & Davidson

Development Profile
26,958 square feet
24 units

Total Development Budget
$7,318,870

Financing Sources
 • First Mortgage:
    $1,747,171
 • FHLB Subsidy:
    $216,000
 • ESIC Equity:
    $3,528,699
 • Westchester County HOME:
    $840,000
 • Westchester County CDBG (residential):
    $19,000
 • Westchester County CDBG (commercial):
    $350,000
 • Westchester County Land Acquisition Fund:
    $600,000
 • PHDFC Equity:
    $18,000

Status
Completed October 2003


Ashbourne Hall