Nassau County Executive Edward P. Mangano announced the approval of an Industrial Development Agency (IDA) economic development compact that will allow 839 Management LLC, a Valley Stream developer, to complete a $2 million affordable housing opportunity in New Cassel.
County Executive Mangano stated, “This project will help complete a 2002 redevelopment plan for the New Cassel area that has languished for a long time, remove blight in the community and provide quality affordable housing for those residents in need of that housing. There is overwhelming demand for residential rentals in Nassau County.”
The project includes the completion of 18 apartments, 10 of them affordable and eight to be leased at market rate. In addition to providing much needed rental housing, the project will generate $24.7 million in economic benefits for Nassau County.
The economic development compact allows 839 Management to acquire the building at 839 Prospect Avenue in New Cassel, NY and complete renovations. The project has the support of the Town of North Hempstead and the Nassau County Office of Community Development.
The site located at 839 Prospect Avenue in New Cassel is currently under review for HOME investment dollars from Nassau County Office of Community Development. Now that the Nassau County IDA has approved a PILOT for this site, there is an anticipated 250k that will be provided to the project in HOME funding (subject to underwriting).
About the Nassau County IDA
The Nassau County Industrial Development Agency consists of a team of professionals whose mission is to promote the economic welfare and prosperity of Nassau County. It is a resource for businesses in Nassau County and those considering relocation. The IDA provides assistance to businesses interested in relocating, expanding and financing new investments. It has provided assistance to a wide range of companies, from Arizona Iced Tea and Sleepy’s Mattress to Cold Spring Harbor Labs and Grumman Studios. For more information, please visit www.nassauida.org or call 516-571-1945.