Each is a mix of private investors and developers, state and federal tax credits and government funds, and half of the apartments in one complex are affordable in perpetuity.
By Vera Chinese
Updated May 13, 2019 6:00 AM
Two new affordable housing complexes planned for the East End will feature a combined 87 units that will allow renters to live and work on the pricey Twin Forks.
Work began in March on the $22 million Vineyard View, a 50-unit rental complex in Greenport, and construction is expected to soon start on the $23 million Gansett Meadow, with 37 affordable rental units in Amagansett. Vineyard View is expected to be completed in May 2020, and Gansett Meadow could be finished later that year.
Officials and residents say affordable housing is needed on the East End, where the second-home market has driven up real estate prices, but not all wages. The median home price is about $2 million in Amagansett and nearly $650,000 in Greenport, according to a recent report from the Corcoran Group.
“We know there is a great need for housing on the Island, and we know the community has changed,” said Gwen O’Shea, president and CEO of Community Development Corporation of Long Island, which along with Rochester-based Conifer Realty LLC is developing Vineyard View. “In the community of Southold, many of the businesses are struggling to find employees. We heard from everyone from the [Cross Sound] ferry to the [Eastern Long Island] hospital.”
Half the units of Vineyard View, which will feature a mix of one-, two- and three-bedroom units, will be reserved for those making 50 percent of the area median income, or $40,850 for an individual and $52,550 for a family of three. The other half will be reserved for those earning up to 60 percent of area median income, or $49,000 for an individual and $56,000 for a family of three.
Under federal guidelines, rents could range from $910 for a one-bedroom unit to $1,560 for a three-bedroom unit, O’Shea said.
The Amagansett project will be available to those earning 30 percent to 90 percent of area median income, or $24,500 to $73,530 for an individual. Information on rents was not available. Units will range from one to four bedrooms.
Gansett Meadow will consist of seven farmhouse-style buildings surrounding a central green, with a playground, barbecue area and on-site laundry facilities, said Katy Casey, executive director of the East Hampton Housing Authority. The Authority will partner with Jericho-based Georgica Green Ventures LLC on the project.
In a news release, Georgica Green president David Gallo referred to the location and quality of the project and said Gansett Meadow “is revolutionizing the entire affordable housing industry.”
The projects both make use of private investors and developers, state and federal tax credits and government funds. Suffolk County will contribute $1.1 million to Gansett Meadow to cover the cost of a sewage treatment system, and $700,000 to Vineyard View, which Southold Town officials said roughly equates to the cost of hooking up to Greenport Village’s sewage treatment plant.
Rona Smith, chair of the Southold Town Housing Advisory Commission, said the Greenport project will benefit single-income families, municipal employees and seasonal workers supporting the tourism economy.
“The need is great and people just cannot find workers,” Smith said. “We have volunteer fire departments with 80-year-old people ready to rescue people.”
WHAT YOU GET FOR THE MONEY
$22M / Cost of project
50 / Total one-, two- and three-bedroom units
25 / Number of units that will be affordable in perpetuity
$910 to $1,560 / Monthly rental range under federal guidelines
$23M / Cost of project
37 / Total one-, two-, three- and four-bedroom units