East Hampton Town Board Votes to Help With Affordable Housing Project

The East Hampton Town Board recently voted to vouch for $250,000 for a down payment on the local Housing Authority’s proposed affordable housing project in Amagansett, according to a report in Newsday.

The Housing Authority released plans in October to build a “pocket neighborhood” of 13 to 17 small cottage-like buildings on 531 Montauk Highway, which would contain a total of about 36 apartments.

The new apartment community is predicted to add a total of about 75 new residents and adding about 37 students to the East Hampton School District.

Typically the price of land in the Amagansett is about $600,000 an acre, Newsday reports. The project would offer applicants opportunities to qualify for studio, one-, two- or three-bedroom units to be rented out for between about $1,000 and $2,200 per month.

The project will cost a total of $18 million.

“By guaranteeing the loan, the town is publicly stating they are in favor of this project at this location,” Housing Authority executive director Katy Casey told Newsday. “We can’t build without their authorization.”