An affordable apartment building proposed for 10 Liberty St. in New Haven. Image courtesy of Svigals & Partners

A New York developer’s hopes to convert pair of former factory building into scores of new homes for New Haven took a step closer to reality this week.

The Board of Alders, New Haven’s equivalent of a city council, approved a tax deal Monday for an industrial property at 10 Liberty St. that will freeze taxes for two years, then set a 15-year tax break into motion that would begin at $400 per housing unit.

New York developers LMXD and Cortell Development Group hopes to build 150 affordable units for renters making between 30 percent and 80 percent of area median income on the site. Amenities will include 136 parking spots, 45 bicycle storage spots, a coworking space and a gym, according to materials filed wit the Board of Alders.

Funding for the $60 million project will come from the Connecticut Housing Finance Authority, 4 percent federal Low-Income Housing Tax Credits, a Connecticut Department of Housing loan, state brownfields cleanup money and a city grant.

A second factory conversion in the same neighborhood at 48 Grant St. took a step forward at the same meeting when the Board of Alders voted to rezone a key parcel on the site for residential uses. The developer, Atlantic Capital Investments, plans 62 apartments on the former industrial site, part of which it must first purchase from the city.