Construction Today - January 2017 - 94
Residential | MOUNTCO CONSTRUCTION & DEVELOPMENT CORP.
MOUNTCO IS PROUD OF BUILDING AFFORDABLE HOUSING THAT REVITALIZES NYC. BY TIM O'CONNOR
& Development Corp.
* HQ: Scarsdale, N.Y.
* Employees: 18
* Specia y: Affordable housing
"When you build affordable
you're eally creating ome ing
for families and individuals."
- Joel Mounty, founder and president
good affordable housing project
can transform a community. It
can bring in young professionals such as teachers and municipal workers who earn less than 80 percent
of the local average mean income (AMI),
while helping elderly residents afford to
remain in their town.
Affordable housing projects can even
revitalize a community. Fifteen years ago,
Mountco Construction & Development Corp.
was one of the few affordable housing developers in Mount Vernon, N.Y., a suburb of New
York City near the Bronx. Mountco's work
in the area brought new people to the city,
which in turned lured more shops and local
businesses, sparking an economic renewal.
"It turns around a community over
time," Mountco founder and President Joel
Mounty says. "When you build affordable
you're really creating something for families and individuals."
There is an economic value to the
projects themselves. Mountco uses local
laborers and subcontractors for every
building, ensuring that dollars spent on the
project stay in the community. Further, the
company participates in planning meetings
and coordinates the projects with government officials to maximize the impact. "We
constantly have a planning presence in
these communities and organizations we're
involved with," Mounty adds.
CONSTRUCTION-TODAY.COM JANUARY 2017
believes the affordable
housing it creates helps improve
Since its founding 1988, Mountco has been
an important player in New York's affordable housing market. The company primarily works on rehabs and new construction
projects in the metropolitan New York City
area and the lower Hudson Valley, and has
built about 3,700 multifamily units. For
about two-thirds of those units, Mountco
was the developer and continues to act as
the managing member. The company also
functions as the general contractor for other
projects, using its development experience
to hire subcontractors to complete the work.
Affordable housing projects are usually
spearheaded by local nonprofits. Mountco
has had success partnering with groups
such as Breaking Ground, New York City's
largest provider of supportive housing for
the homeless, and faith-based organizations such as Interfaith Dwellings Corp. and
Grace Baptist Church.
For Breaking Ground, Mountco served
as the general contractor on three projects
before becoming a partner in the group's
newest building, an $80-million, 248-unit