Construction in progress at $33.5 million Ohav Sholom senior apartments; Omni Housing Development attends event during construction

Albany, NY Over 200 residents and community leaders gathered to celebrate the process of tenants reoccupying their enhanced homes in the extensively renovated and improved Ohav Sholom affordable senior apartments. The $33.5 million gut renovation of 210 apartments includes comprehensive lifestyle improvements, dramatic energy efficiency advancements and financing arrangements that economically secure affordable living for at least 40 more years. Omni Housing Development, LLC, along with its New York State and local partners joined residents in a “Home for the Holidays” event at the Ohav Sholom development that remains open during the phased construction project. Duncan Barrett, COO of Omni Development LLC, said, “The future of sustainable affordable senior citizen housing lies in driving down energy costs and creating a senior-friendly environment where residents can comfortably age in place and receive the supportive services they need.  The Ohav Sholom revitalization addresses these objectives.” New York State Homes and Community Renewal commissioner James Rubin said, “Our work is about more than bricks, steel and concrete. It is about keeping governor Cuomo’s promise of providing great service to the people of this state. Here at Ohav Sholom these seniors are depending on us to keep this a safe, affordable community for them. This renovation will add years to the life of this complex and decades to its affordability. Tenants will remain secure and comfortable while being near their families in familiar surroundings. And our continued interagency partnership with NYSERDA, will further ensure long term sustainability by reducing energy costs. HCR’s work at Ohav Sholom is a prime example of governor Cuomo’s strong commitment to affordable housing.” To finance the $33.5 million preservation, New York State HCR provided $15.6 million in Housing Finance Agency (HFA) bonds, also arranged was $1.5 million in HFA subsidy, $2 million in Homes for Working Families subsidy, an $819,606 estimated annual allocation of Low Income Housing Tax Credits, and an estimated $483,374 annual allocation of State Low Income Housing Tax Credits. JP Morgan/Chase is providing the construction period bond credit enhancement; and Hudson Housing Capital LLC is the tax credit syndicator. During the construction period, JPMorgan/Chase Bank, N.A is providing a letter of credit, including interest, in the amount of $15,716,038. The State of New York Mortgage Agency Mortgage Insurance Fund will provide insurance during the permanent loan period. Ohav Sholom Apartments are located at 115 Krumkill Road  Albany, NY  12208 where renovations are expected to be completed by the end of 2017. Newsmakers who attended: James S. Rubin, Commissioner/CEO, NYS Homes & Community Renewal Kathy M. Sheehan, Mayor of The City of Albany Neil D. Breslin, New York State Senator Patricia Fahy, New York State Assemblymember John T. McDonald III, New York State Assemblymember Steven Levy, President of Ohav Sholom HDFC, Inc. Duncan Barrett, COO of Omni Housing Development LLC