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Celebrating Phase 3 of the continuing, expanding revitalization of Albany’s South End, 56 affordable housing units in eight buildings, to help meet high demand, and a 1,000 square foot commercial laundromat, as a necessary neighborhood amenity. All new construction, All Energy Star homes, 25 one-bedroom units, 25 two-bedroom units, Six three-bedroom units, $9.6 million construction cost of Phase 3.
COMMENTS BY KEY PARTICIPANTS:
City of Albany Mayor Gerald D. Jennings:
“I applaud Omni Housing Development, the Albany Housing Authority, and the many stakeholders, who have, once again, demonstrated that when organizations work collaboratively and cooperatively, positive results occur. As a result, 56 new units of energy-star affordable housing will be made available to our residents; yet another visible testament to our vision of transforming the South End neighborhood.”
Commissioner/CEO of New York State Homes and Community Renewal Darryl C. Towns:
“The revitalization of Albany’s South End is a prime example of the type of community renewal and economic development to which Governor Cuomo is committed. The comprehensive plan includes housing, recreation, and educational components and will go a long way toward improving quality of life in Albany. HCR is proud to have worked with our partners at Omni Housing Development and Albany Housing Authority to rehabilitate the distressed properties that are part of phase III of the revitalization, and transform them into attractive, safe, affordable homes that will benefit residents and the entire city.”
Omni Housing Development LLC COO Duncan Barrett:
“What we do is all about people and places. Albany’s Historic South End is a special place. Omni Housing Development is proud to continue our partnership with the citizens and leaders of the South End and the City of Albany in this ongoing effort at renewal. Today’s ceremony marks one more step in our continuing journey towards that renewal.”
Albany Housing Authority Executive Director Steven T. Longo:
“Today marks an important milestone toward the implementation of the South End stakeholder plan to create new, modern, affordable and less-dense housing that will ultimately replace the obsolete 1960′s-era public housing high rises at Lincoln Square. These new apartments will increase the quality of life for our residents, as well as lay the foundation for private investment in this historic South End neighborhood.”
M&T Bank Regional President Mike Keegan:
“Reinvesting in our communities has always been a priority for us at M&T Bank because community redevelopment projects enhance both the local economy and the quality of life. The continued work of Omni Housing Development and the Albany Housing Authority to redevelop the South End has already resulted in several completed affordable housing projects and we look forward to another successful step toward transforming this neighborhood through South End Phase III.”
Omni Housing Development LLC and the Albany Housing Authority, acting as co-developers — with extensive experience in energy efficient, affordable housing — are leading the Phase 3 project team for revitalization of the South End Albany neighborhood, plus meeting all guidelines of the City of Albany Historic Resource Commission, and NYS Homes and Community Renewal Green Building Initiative. 3T Architects are part of the Phase 3 team.
Financing provided:
• $6,351,138 construction loan from M&T Bank.
• $6,149,273 from NYS Housing and Community Renewal Housing Trust Fund.
• $723,386 (over ten years dispensed annually) from the Low Income Housing and Tax Credit Program.
• $322,334 from Historic Tax Credits.
• $205,000 from the Albany Housing Authority.
• PNC Real Estate invested in tax credit equity.
