Project of the Month: Omni Housing Development LLC completes rehabilitation of 81-unit Van Rensselear Village

Originally constructed in 1972, the project had been developed and financed under the HUD 236 and NYS Mitchell-Lama programs. The original construction incorporated T-111 siding and flat roofs. Omni Housing Development LLC undertook the rehabilitation and refinancing of the project in order to preserve this affordable housing asset reverse the significant disinvestment and decay that had occurred and prevent a foreclosure. The refinancing and rehabilitation was funded with the NYS Homes and Community Renewal allocation of Low Income Housing Tax Credits and a loan of TCAP Federal Stimulus funds. The occupied phased gut rehab took 18 months and reduced the original 100 units 12 building project to 81 units in 17 shorter more residential buildings with pitched roofs, handsome facades and added green space. The rehab was completed in May. The transformation to the buildings at Van Rensselaer Village has taken the buildings from an institutional look to a residential feel in keeping with the single and two-family homes in the surrounding neighborhood. The preservation plan focused on an aggressive energy conservation strategy to insure long-term self-sustaining affordability. The rehabilitation will enable the project to function in good repair and operate cost effectively for the next thirty years. Energy reduction of 60% over past use is anticipated now that the rehabilitation is complete. In addition to the financing provided by the New York State Homes and Community Renewal, the Community Preservation Corporation provided the permanent loan, M&T Bank the construction loan; and Verizon and Raymond James are the tax credit investor.