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Mountco and Interfaith Dwellings Corp. Unveil Affordable Housing Development in New Rochelle

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Mountco and Interfaith Dwellings Corp. Unveil Affordable Housing Development in New Rochelle

November 18, 2016 - 06:24

Mountco and Interfaith Dwellings Corp. Unveil Affordable Housing Development in New Rochelle

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NEW ROCHELLE, NY -- Mountco President and Principal Joel Mounty, Interfaith Dwellings President Marc J. Harary, elected officials and residents of the building this morning joined to celebrate the rededication of New Rochelle’s newest affordable housing development, Washington House Apartments. 

“We’re very proud of this development, our latest successful venture with Interfaith,” said Joel Mounty. “Not only that, it is a personal joy for me to rededicate this development in my hometown of New Rochelle. I’d like to thank Marc J. Hararay and the entire Interfaith Board for all their work and guidance throughout the process and we look forward to working with Interfaith in the future.”

Washington House is a two-building development with 211 total units of affordable housing serving income-eligible people who are 55 years and older. The property was developed by Mountco in partnership with the Interfaith Dwellings Corp. of New Rochelle.

For Joel Mounty, this event is imbued with additional meaning.  A New Rochelle native, Mr. Mounty played a role in the purchase and renovation of the Washington School and the new construction of the tower building in the 1980’s when he was just starting his professional career.  Having developed more than 3,000 affordable housing units over the course of his career, he now gets to see Washington House through to another renovation and use as affordable housing units for a new 30-year life cycle. 

Washington House is the third collaboration between Mountco and Interfaith Dwellings, preceded by Maple Center and Maple Terrace. Altogether, their partnership has resulted in 420 units of affordable housing.

Established in 1968, the Interfaith Dwellings Corp. of New Rochelle is a nondenominational nonprofit comprised of local faith leaders committed to constructing and operating low income housing for seniors in New Rochelle.    

Marc J. Hararay said “Washington House represents the culmination of our five-year redevelopment program, which has renovated and upgraded all three of our properties. It has been a pleasure to have undertaken this redevelopment with Mountco here in New Rochelle. Our partnership has resulted in hundreds of units of affordable housing, which is a vital part of our local community.”

Mayor Noam Bramson said, “Quality affordable housing for seniors is an essential part of a healthy community in which all of us have opportunities to age in place. The redevelopment of Washington House demonstrates New Rochelle’s commitment to this priority, while highlighting the value of successful public-private partnerships.”

County Executive Rob Astorino said, “The County is pleased to have been able to assist in financing the Washington House Development for over 200 senior New Rochelle households.  This is the County’s fourth successful project with Mountco supporting $75 million in private development of affordable housing in New Rochelle, Sleepy Hollow and Rye..”

The financing for this project was provided by the New York State’s Division of Home and Community Renewal, Citi Community Capital, Raymond James, Tay Credit Funds Inc., Washington House HDFC, an affiliate of Interfaith Dwellings, The New Rochelle Industrial Development Agency, The Westchester County Industrial Development Agency, and the United States Department of Housing and Urban Development.