The Bristal Assisted Living at Westbury Reserves 20% of Units as Affordable Housing in Exchange for Tax Incentives

The Bristal Assisted Living facility in Westbury will designate 20% of its apartments as affordable in exchange for an additional 15 years of tax breaks from Nassau County. The move ensures 28 of the 140 units will be reserved for senior citizens earning up to $95,440 per year, or 80% of the county’s area median income. Peter L. Curry shared his insight with Newsday on what is next for the property.

From the article:

Peter L. Curry, a real estate attorney for the Jericho-based development company, said “standard monthly charges for new residents” of the Westbury Bristal start at $4,500. Rent represents about 30% of the charge and is discounted by 5% or more for the affordable units, he said last week.

Curry, the attorney, said B2K was forced to scale back its plan for $3.3 million in renovations and raise the income restriction on the affordable units because state officials declined to approve the issuing of $44 million in taxable and tax-exempt bonds for the building improvements and property purchase.

“The state wanted the bonds to be used for a new construction project rather than a renovation project,” he said in an interview.

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The Bristal Assisted Living at Westbury sets aside 20% of units as affordable in return for tax breaks – Newsday