Located at the corner of Bedell Street & Main Street, Estella Housing will create 96 apartments and 7,000 square feet of family-centered retail space. The benefits to the Hempstead community include:
- All of the apartments are affordable to households making less than 60% of the Area Median Income and rents are anticipated to be $860 for a one-bedroom and $1,200 for a two-bedroom.
- The General Contractor for the project has agreed to hire as many people from the community as possible.
- Concern for Independent Living, the owner and property manager of Estella Housing, has agreed to fund the local Genusus Training Program together with the United Way and plans to have interns and graduates of the program employed at the site. These opportunities can create lifelong careers.
- The project is committed to funding $600,000 for Village Infrastructure costs.
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The current taxes for this vacant property are approximately $33,000. The taxes being proposed under a PILOT Agreement are approximately $100,000 for 10 years, with the opportunity to extend for an additional 10 years. Without a Real Estate Tax Agreement this land will remain vacant for years to come and, as a 501(c)(3) non-profit, Concern is eligible for a full Real Estate Tax Exemption.
Let the Mayor and the Board of Trustees know that you support a Real Estate Tax Agreement for Estella Housing and you want to see affordable housing in your community!
