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Southold Town grants $250K loan to Vineyard View applicants

11/28/2018 6:00 AM |

Southold Town has granted a loan of $250,000 to Conifer Realty and Community Development Corporation of Long Island, the applicants of the site plan known as “Vineyard View.”

Vineyard View is a proposed project to build seven buildings in Greenport containing 14 one-bedroom, 22 two-bedroom and 14 three-bedroom apartments on a 17.2-acre site on County Road 48 in Greenport.

Conifer Realty will receive a zero interest loan from the Town of Southold Housing Fund to construct affordable housing.

In 2004, Southold Town adopted a code that requires any applicants seeking major subdivisions to commit some of the houses for affordable housing. But since that may not work for all applications, the town lets the developer “buy out” that requirement, Supervisor Scott Russell said. That money goes into an affordable housing fund which is controlled by the Affordable Housing Commission. Those funds can be used to create affordable housing opportunities.

The Vineyard View project must maintain affordable housing for 50 years, at 50 and 60 percent of the area median income. The proposal allows for half of the units to go to market value after 50 years.

If the owner decides to keep all of the units affordable, the money will be considered a grant and will not have to be paid back. If the owner converts 50 percent of the units to market rate prices, then the loan will have to be repaid.

In May, New York State awarded Vineyard View $5.7 million in funding.

A public hearing was held during last Tuesday’s Town Board meeting and no one spoke about it. The public hearing was closed and the motion was passed.

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Government liaison officer Denis Noncarrow shares details about the proposed Greenport site for 50 affordable rental units. (Kelly Zegers file photo)

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