7 | MOUNT VERNON FEUD NOVEMBER 13, 2017 | VOL. 53, No. 46
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The case for Kingston PAGE 2
Shawna Chahanovich stands at the bar of Duo Bistro, a restaurant she co-owns in Kingston’s Uptown Stockade Business District, which this fall won a $10 million state revitalization grant. Photo by Ryan Deffenbaugh.
Region’s homebuyers could be casualties of GOP tax plan BY ALEESIA FORNI aforni@westfariinc.com
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hose planning to take out a mortgage to purchase a new place to live in Westchester or Fairfield counties may have other tax-related factors to consider when hunting in the housing market. Republicans in the House of Representatives this month rolled out their tax-overhaul bill, which would aim to simplify the tax code by slashing itemized deductions and the number of tax brackets. Included in the GOP’s Tax Cuts and Jobs Act is a provision that would cap the mortgage interest deduction at
13 |REALTOR OF YEAR westfaironline.com
IDA likes latest version of New Rochelle public works facility BY BILL HELTZEL bheltzel@westfariinc.com
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harles B. Strome III was pleased with the plans for a new public works facility. As city manager of New Rochelle, he has seen some 15 plans to replace the outmoded City Yard at 224 Main St. Now time is running out. The city must shut down and decontaminate the public works yard to make way for the $300 million Pratt Landing mixed-use development at Echo Bay. “This is one of my happier moments,” Strome, chairman of the city’s Industrial Development Agency, said at the Nov. 2 meeting about plans for 70 Nardozzi Place. The IDA board gave the project preliminary approval and set a public hearing for Nov. 29. The developers, Simone Development Cos. in the Bronx and G&S Investors in Manhattan, are asking the IDA for tax relief for the $48 million project. They want an exemption from the mortgage recording tax, an exemption from an estimated $2 million in sales tax on construction and equipment purchases and a property tax abatement estimated at $308,000 a year for 25 years. The project is eligible for tax deductions because it includes commercial components. Public works would use 130,000 square feet on the ground level for offices and a garage. The second level would include 37,000 square feet for an LA Fitness health club, 3,000 square feet for retail and
Because the median home price in $500,000 of a home’s value, slashing in the U.S. is roughly $202,000, the tax half the current cap of $1 million. change could have a limited effect on Though the proposed change would the nation’s overall housing market. not impact existing homeowners, it However, that change could be more prowould affect those who plan to apply for nounced in Westchester County where a new mortgage. the median sale price for a single-family “If I’m buying an $800,000 house and now I can only deduct $500,000 » TAX PLAN, page 6 » NEW ROCHELLE, page 6 of my mortgage, I’ve got $300,000 that I can’t deduct,” said R Craig Scher, a broker with CS Realty & Your Home Town Bank Low Closing Costs No Borrower Paid PMI Relocation Services Inc. in Harrison, “and Up to 97% Loan to Value Friendly, Local Service I’m going to have to facVisit www.TrustcoBank.com For More Details. tor that into my buying *PMI - Private Mortgage Insurance. Lender paid Private Mortgage Insurance on loans over 89.5% Loan-to-value. Please note: a house.” We reserve the right to alter or withdraw these products or certain features thereof without prior notification. NMLS #474376 LENDER
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