October 13, 2006

LEASE FOR WHITE PLAINS SENIOR CITIZEN HOUSING PROJECT
APPROVED BY COUNTY’S BOARD OF ACQUISITION & CONTRACT

Contact: Betsy DeSoye, Director of Communications
(914) 995-3277; (914) 275-6031 (cell)

Board Chair Bill Ryan announced that at its meeting on October 5, the County’s Board of Acquisition & Contract (A&C) authorized the county’s Planning Department to enter into a lease with a corporation formed by HANAC, Inc. and Bluestone Organization for the purpose of constructing affordable senior rental housing on county-owned land at Court and Quarropas Streets in downtown White Plains. Authorizing the lease is the first step toward implementing the County Board’s 12-5 vote that approved the project at its September meeting.

Ryan, who sits on the three member A&C Board, said he was pleased to see the project move forward. The project had been delayed for too long by a small minority of legislators led by George Oros (R-Cortlandt) and Tom Abinanti (D-Greenburgh) who opposed this plan for affordable housing for moderate income seniors. Ryan said their delaying tactics only served to increase the cost of construction due to the escalating prices of building materials. “Building affordable housing is difficult and expensive enough without adding unnecessary costs,” Ryan said.

A signed lease with the county will enable HANAC/Bluestone to proceed with applying for the necessary building permits and approvals from the City of White Plains. Ryan noted that it was important to keep the momentum going on the approval process. “I’m hopeful the political squabbling is over and that this critically needed housing for moderate income seniors moves forward on a fast track,” Ryan said.

By the terms of the lease, HANAC will pay $1,560,000 to the County as a one time rental payment. The term of the ground lease is for 65 years, with three consecutive options to renew for a term not to exceed ten years each. HANAC will pay to both build and maintain the project. In addition, HANAC will set aside a million dollars in a reserve account to ensure a quality environment for the residents.