CHAPPAQUA, N.Y. – A proposed affordable housing building at 495 King St. in Chappaqua has been dropped by Mountco Construction after it did not receive timely support from the town, Vice President John Madeo said in a letter.
The company informally proposed its housing to the board in August and indicated that it needed to move quickly on the project because of small funding windows. If it received support from the board, the company said it would have returned with a formal application.
“It is now almost mid-October and the support that we require has not been forthcoming,” Madeo wrote to Town Supervisor Susan Carpenter. “We simply have run out of time to complete all of the market, engineering and architectural studies necessary for our funding application, which is due in late November.”
Mountco's proposal included 40 rental units for seniors, a community room, a garden, a laundry room and 40 on-site parking spaces. The building would have been for households with incomes of 30 percent to 60 percent of the Westchester County median.
While Mountco will be moving on with this particular proposal in another community, Madeo left the door open to working with the town again on future projects.
“If you identify other sites in your community upon which you believe affordable housing would be appropriate," he wrote. "we would hope you consider Mountco as a potential developer for such housing."