Long Island's First Limited Equity Co-Op Opens In Town Of Huntington

Highland Green, Long Island's first limited equity cooperative housing development, officially opened Thursday in Melville.

The 117-unit, $34 million project decided to make the development a limited-equity cooperative to help settle a lawsuit brought against the original plan, according to the Town of Huntington. The development will have 72 one-bedroom units, 39 two-bedroom units and six three-bedroom units.

A certain number of units are available for residents with the following annual incomes:

• 93 units available for individuals with a $45,780 annual income or a $65,400 annual income for a family of four. These incomes do not exceed 60 percent of the area's median income.
• 24 units available for individuals with a $55,800 annual income or a $79,650 annual income for a family of four. These incomes do not exceed 80 percent of the area's median income.

Ten percent of the units will accommodate veterans, 10 percent will be for handicapped persons and four percent will be for the hearing or visually impaired.

There were 171 people who participated in the housing lottery last year. All of the units are occupied and there is currently a waiting list.

Huntington Town Supervisor Frank Petrone says he hopes the development will become a model for future affordable housing.

Developer D&R Development Group helped obtain the financing, administered the qualification process for residents and will have a seat on the cooperative board.

Image via TOH