Multimillion Dollar Senior Project Opens in Yorktown

Wynwood Oaks, an 80-unit garden-style senior citizen apartment complex, is located at 1292 East Main St. in the hamlet of Shrub Oak in the Town of Yorktown. On hand for the opening event included state, county and town officials, along with the developer and officials with the Community Housing Preservation Corp., which provided construction financing for the venture.

The development is comprised of five, two-story buildings containing 80 one-bedroom apartments each with approximately 775 sf of living space. Monthly rents for the apartments range from $410 to $825, not including heat and hot water. Single tenants must have an income no greater than $38,400. Two-person households may have a combined income up to $43,860.

The project developer is Wynwood Oaks LP, whose principals are Ken Kearney and Daniel Kugler. The New York State Department of Housing and Community Renewal provided the project with $846,000 in annual low-income housing tax credits for the next 10 years, as well as a Housing Trust Fund loan of $1,085,000. Sterling Financial was the investor in the tax credits. CPC provided a $3.7 million construction loan for the project. In addition, the project received funding from Westchester County's HOME program.

Commenting on the opening of Wynwood Oaks, Judith A. Calogero, Commissioner of DHCR, said, "We are pleased to have provided over $1 million from the Housing Trust Fund Program and the tax credits which have raised $7 million in private equity--or close to 80 percent of the total project cost--for this critical development."

The goal of building senior housing at the East Main St., site began in the 1970s when local automobile dealer William Geis attempted to obtain municipal approval for a plan. However, after the proposal attracted significant local opposition, Geis abandoned the venture.

In October 2000, local developer Ken Kearney bought the property after he noticed a "for sale" sign on the property one Sunday morning after leaving the church he attends, which is located across the street from the site. More than two years later, the zoning for the 5.9-acre site was changed to senior citizen housing. After being announced last year, the project attracted significant interest and is sold out with a waiting lost of 200 prospective tenants.

Kearney noted, "Wynwood Oaks is an example of what can be accomplished when state, county and town officials work together to bring a project to fruition. I hope it serves as a model for future affordable housing projects."