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Celebrating the opening of 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 and rehabilitation of three historic structures on Morton Avenue
• All Energy Star homes
• 25 one-bedroom units
• 25 two-bedroom units
• Six three-bedroom units
• $9.6 million construction cost of Phase 3

Expected to Attend:
City of Albany Mayor Gerald D. Jennings
NYS Homes and Community Renewal Commissioner/CEO Darryl C. Towns
City of Albany Commissioner of Development and Planning Michael J. Yevoli
Albany County Executive Daniel P. McCoy
NYS Senator Neil D. Breslin
NYS Assemblymember John T. McDonald, III
NYS Assemblymember Patricia Fahy
Albany Common Council President Carolyn McLaughlin
County Legislator Lucille M. McKnight
Councilman Lester Freemen
Albany Housing Authority Executive Director Steven T. Longo
Albany Housing Authority Director of Development and Planning Darren J. Scott
NYS Homes and Community Renewal Assistant Commissioner  Lorraine Y. Collins
Omni Housing Development LLC President and CEO I. David Swawite
Omni Housing Development LLC COO Duncan Barrett
Omni Housing Development LLC Project Manager Tim O’Byrne
M&T Bank Vice President Beth Beshaw

Over six years ago, community leaders came together to develop and adopt a master plan for Albany’s Historic South End – culminating in the ambitious Capital South Plan.  A major goal of the plan has now been realized through collaboration and support from the State of New York, City of Albany, and Albany County.  Today’s ribbon cutting celebrates the coordinated efforts of our community leaders to transform the neighborhood.

The South End Revitalization project consisted of 3 phases of development largely funded through the NYSHCR’s LIHTC Program.  As a result, 151 new and renovated affordable housing apartments have been constructed in the community.  Whole blocks of the South End have literally been transformed from areas of urban blight to a neighborhood of opportunity.

Another milestone of the plan was reached when the community was awarded funding from HUD to construct a community educational center – The Capital South Campus Center, scheduled to be open in the summer of 2014.

These projects represent an investment of over $35 million from the Federal, State and Local government in Albany’s South End Neighborhood; but the work does not end here.  Future plans will include efforts to develop home-ownership opportunities in the neighborhood; mixed use commercial offices; and a community grocery store.

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:
“I commend Omni Development and the City of Albany for their commitment to revitalizing Albany’s South End and providing access to decent homes that families can afford. Under Governor Andrew Cuomo’s leadership, New York State is investing in neighborhoods like the South End—restoring distressed properties and creating more vibrant communities in the process. Congratulations to the residents of Albany’s Historic South End, and welcome to your new home.”

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:
“Fifty-six new affordable housing units unto themselves are a welcome improvement to the quality of life in Albany.  However, when added the units built in prior phases, the cumulative gain is a remarkable 151.  These beautiful apartments will serve as a springboard for countless Albany families for generations to come as they seek to attain their dreams.”

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 3.”

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 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.

97 Broad Street

365 South Pearl Street

BACKGROUND, PHASES 1, 2 AND 3:

CAPITAL SOUTH PROPERTIES

The first, second and third phases of the South End Revitalization project, known as Capital South Properties, began in 2008 pursuant to the Capital South Plan, a comprehensive neighborhood revitalization initiative resulting from broad stakeholder involvement. Capital South Properties represents the replacement of affordable housing units at Lincoln Square Homes, a high-rise public housing development cited in the Plan as a barrier to the South End’s revitalization. The Plan calls for relocating residents from the towers in preparation for their eventual demolition and the redevelopment of the site as a neighborhood based campus of higher education and career development. In May 2013, construction began on the Capital South Campus Center, the inaugural facility of that campus. The Campus Center is scheduled to open in early summer 2014.

Phase I consisted of the rehabilitation of Morton Ave’s Eagle Court Apartments and the building of Broad and Clinton Streets’ Jared Holt Mews townhomes. Phase 3 consists of the completed construction and rehabilitation of 43 total affordable housing units on and surrounding Morton Ave in Albany’s historic
South End neighborhood. The phases together cost $22 million and produced a total of 95 units; 56 two and three bedrooms for families and 39 one-bedrooms for singles. The overall project is expected to consist of 5 total phases spanning an unknown timeline, and will contribute to the relief of the community’s scarce affordable housing options, as well as a revitalization of this historic neighborhood.

All units were constructed and rehabilitated to comply with New York State Homes and Community Renewal’s Green Building Initiative, and received a score of between 48 and 52 on the Home Energy Rating System (HERS). The project received NYSERDA’s Energy Star Labeled Home designation for energy-efficient design, building materials, heating and ventilation systems, lighting and appliances.

WHO WAS INVOLVED

Omni Housing Development LLC and the Albany Housing Authority (AHA) led the development and construction management efforts. AHA will continue to provide leasing and property management services.

FINANCING PROVIDED BY

Financing for the $9.6 million third phase of the revitalization project is provided by the New York State Division of Housing and Community Renewal’s Trust Fund Corporation and Low-Income Housing Tax Credit Program. M&T Bank provided the construction loan. PNC Bank, NA provided the bridge loan. PNC Real Estate invested the tax credit equity.

OMNI HOUSING DEVELOPMENT LLC

Since 2001, Omni Housing Development LLC has specialized in the development, financing, construction, and management of affordable housing, collaborating on dozens of community and private projects from 13 senior housing units in New York’s Capital District to 692 apartments in Baltimore, Maryland.

Omni Housing Development LLC, with affiliated companies Omni Development Company, Inc., and Omni Management Group Ltd., provides a wide array of services, including project feasibility and market analysis, project finance including loan, tax credit and grant application and processing, financial and land use planning & analysis, design/build and facility management. Omni Housing Development LLC is headquartered in downtown Albany at 40 Beaver Street.

ALBANY HOUSING AUTHORITY

Since its creation in 1948, Albany Housing Authority has evolved to provide leadership in meeting the needs and aspirations of its residents and their communities. More than just housing, today the Authority offers families a foundation from which to build successful lives, inspiring investment in self and community through quality rental, homeownership, employment and small business opportunities.

AHA owns and operates approximately 2,000 HUD-subsidized conventional public housing units and mixed-finance units. In addition, AHA administers approximately  2,200 Section 8 vouchers, and has also developed five homeownership programs in the  City of Albany. In the past 15 years, AHA has undertaken 20 development initiatives of varying size resulting in over 1,000 new and rehabilitated residential units and 16 commercial units totaling almost $140M. All housing development and management activities are performed within the context of neighborhood revitalization plans, which AHA has had a leading role in creating and implementing.

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