News: Long Island

Omni Housing Dev. holds ribbon cutting ceremony for $33m project

On Tuesday, July 28, doors were opened and the ribbon was cut marking the opening of Rockville Centre's only low-income housing complex, Rockville Centre Apartments, where Omni Housing Development, LLC was proud to showcase the completed makeover of two out of the nine, 35 year old, buildings that were in need of renovations. State and local officials taking part in the symbolic ribbon cutting included New York state senate majority leader Dean Skelos; village mayor Mary Bossart; Deborah VanAmerongen, commissioner of the State Division of Housing and Community Renewal (DHCR); New York State assemblyman Robert Barra; representing county executive Thomas Souzzi was Rosemary Olsen, executive director, Department of Housing and Intergovernmental Affairs and Duncan Barrett, COO, Omni Housing Development. Funding for the project is provided by Nassau County IDA bond, Nassau County HOME grant, Rockville Center Housing Authority, Low Income Housing Tax Credit equity, through WNC Associates, New York State DHCR Modernization grant, construction and permanent loans from M&T Bank.   Nassau County has supported this project in Rockville Centre through the HUD CDBG program, the HUD Housing Choice Voucher program, and Nassau IDA Financing and will continue with gap funding through the HUD Home Assistance Partnership Act Program. This marks the completion of Phase One of the 5-phase project. Omni Housing Development has replaced roofs, installed new kitchens, baths and energy-efficient insulation, as well as new windows and heating systems. According to Duncan Barrett, "We are on schedule and fully expect all 154 units to be completed by September of 2009." The Rockville Centre Apartments is an affordable housing resource in a high cost market. The major qualification for residency is household income must be at or below 60%  the Nassau County Area Median Income.
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The evolving relationship of environmental  consultants and the lending community - by Chuck Merritt

The evolving relationship of environmental consultants and the lending community - by Chuck Merritt

When Environmental Site Assessments (ESA) were first part of commercial real estate risk management, it was the lenders driving this requirement. When a borrower wanted a loan on a property, banks would utilize a list of “Approved Consultants” to order the report on both refinances and purchases.