Project of the Month: Omni Housing Development and Albany Housing Authority break ground for Phase 3 of South End affordable housing

Omni Housing Development LLC and the Albany Housing Authority, acting as co-developers, with extensive experience in energy efficient, affordable housing, are leading the 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. Financing provided: * $6,351,138 construction loan from M&T Bank. * $6,149,273 from NYS Housing Trust Fund Corp. * $7,233,860 in LIHC. * $322,334 from Historic Tax Credits. * $205,000 from the Albany Housing Authority. * PNC Real Estate invested in tax credit equity. Other project features: * All Energy Star homes. * 25 one-bedroom units. * 25 two-bedroom units. * Six three-bedroom units. * $9.6 million construction cost. The first phase 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. The South End Revitalization 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 2 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 two 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 time-line, 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. The project received NYSERDA's Energy Star Labeled Home designation for energy-efficient design, building materials, heating and ventilation systems, lighting and appliances. South End III Project TeamArchitect 3T Architects Developer Omni Housing Development LLC Engineer Friedman Fisher Associates, P.C. General Contractor AOW Associates, Inc. Lender M&T Bank Construction Lender/PNC Real Estate NYS Housing & Community Renewal NYS HCR Sponsor Albany Housing Authority