North Hill Community Meeting
by David Levine, President & CEO
This past Wednesday, many local residents attended the community forum on North Hill, a 33-acre unimproved site on Richmond Highway, where the developers (CHP and Pennrose) provided an update on the project.
Mount Vernon Supervisor Storck noted that the Comprehensive Plan amendments, zoning changes and final design changes will have to be largely completed by early next year. Under that schedule, the developers can move ahead and file an application for low-income housing tax credits through the Commonwealth.
The tax credits will be key for ensuring affordability at North Hill. (In his article, Mr. Litman notes that tax credits are a successful tool for housing development). Especially for 278 units to remain affordable (i.e., for households at up to 60 percent of the area median income), the developers will have to attract private financing from the sale of the credits to investors. The tax credits become a win-win solution for the project.
It was good news that the North Hill project is making progress. For sure, It has been a long time in the making.