Officials cut a ribbon on new affordable housing at 123 Valley Road, Katonah.
The property has four small buildings with 12 individual dwelling units. It was acquired by Blue Mountain Valley Road LLC, and is owned and managed by the Blue Mountain Housing Development Corp.
Blue Mountain’s committee members are all volunteers and also serve as members of the Bedford Housing Committee. Their mission is to preserve and increase the number of affordable housing units to meet the needs of the town of Bedford.
Aligned with this goal, the property at 123 Valley Road was acquired from a private owner to ensure that the units remain affordable. All current residents will remain in their homes. Going forward, all tenants will have to demonstrate income eligibility, and future tenants must be income-qualified to rent there.
This important project to preserve affordable housing opportunities in Bedford was made possible with the assistance of Westchester County, which provided grant funds of $2,126,135, TD Bank, which facilitated Blue Mountain in assuming the existing mortgage from the seller, and by the town of Bedford, which provided $106,000 in American Rescue Plan Act funding to complete the funding required for the project.