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Homes and Community Renewal

Omni and New York State Homes and Community Renewal Celebrate Start of Renovation at Ohav Sholom Apartments in Albany

Rehabilitation Will Preserve 210 Affordable Senior Apartments, Create Approximately 175 Construction and Preserve Seven Permanent Jobs           

Albany, NY June 22, 2015: Omni Housing Development, LLC and New York State Homes and Community Renewal (HCR) joined other state and local partners today to celebrate the start of the substantial renovation of Ohav Shalom Apartments, a 210-unit affordable development for seniors. The 12-story development in Albany, built in 1974, is in need of major upgrades including building-wide systems, improvements to exterior and new kitchens and bathrooms.  The financing provided by HCR will keep the development affordable and sustainable for the future, while creating 175 construction jobs and preserving seven permanent jobs.

James S. Rubin, Commissioner/CEO of New York State Homes and Community Renewal said, “This investment in the renovation of Ohav Sholom Senior Apartments furthers Governor Andrew Cuomo’s strong commitment to preserving and creating quality affordable housing in communities across New York State. Seniors are one of the fastest growing populations in the state and it is central to HCR’s mission to provide excellent, secure housing that meets their needs. This renovation will add years to the life of this complex and decades to its affordability – most important, it allows the current tenants to remain comfortably and affordably near their families and in the community they already call home. In undertaking this important project, Omni and our other private and public sector partners are making a real difference in peoples’ lives and the overall vitality of the local economy and the city as a whole.” 

Duncan Barrett, COO of Omni Housing Development LLC said, Omni is proud to partner with NYS HCR and the Ohav Sholom housing Development Fund Co. in the revitalization of this important affordable senior housing facility in Albany.  We look forward to the rehabilitated facility serving the senior community for another 40 years. 

The 160,000-square-foot building includes a community room, a convenience store staffed by tenant volunteers, laundry room, public restrooms, management/ administrative office spaces, mechanical spaces, The building consist of 24 studios that will be converted to junior one-bedroom units as part of the rehabilitation, 185existing one-bedroom units and 1 two-bedroom unit that is set aside as a non-revenue unit for the superintendent.  Each residential floor also contains a trash room, janitorial closet and electrical room. 11 units will be renovated to meet American Disabilities Act compliance and five units will be renovated to accommodate hearing and vision-impaired tenants. The facility is operated 24 hours per day, 7 days per week.

To finance the $33.5 million preservation, HCR provided $15.6 million in Housing Finance Agency (HFA) bonds, $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.  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.

Renovations are expected to be completed by the end of 2017. Current tenants will be relocated to vacant units within the building if and when necessary while work is underway. Renovations include but are not limited to:  

Kathy M. Sheehan, Mayor of The City of Albany said, “This work will improve the look and feel of Ohav Shalom Apartments for all who live and visit here, and will also make the apartments more accessible to a wider range of people,” said Albany Mayor Kathy Sheehan. “Thank you to Omni, New York State Homes & Community Renewal, and to Ohav Shalom for these improvements, which will also support construction jobs in the Albany area.”

Daniel P. McCoy, Albany County Executive, said Albany County Executive Daniel McCoy said, “Ohav Sholom Apartments is an important Albany County asset, providing homes and a strong sense of community for our seniors who need reliable and affordable housing. Congratulations to Omni Development, Governor Cuomo and New York State Homes and Community Renewal, and all the other partners who are working to make Ohav Sholom even better."

Congressman Paul Tonko said, “This development preserves an important community resource by securing the property’s long-term affordable status and extending its usefulness, making much needed improvements to the building’s infrastructure. I was happy to support this project to maintain and increase safe, affordable, and healthy housing in the Capital Region, and I thank the team at Ohav Sholom for their hard work to make today a reality.”
New York State Senator Neil Breslin said, “The preservation and improvement of Ohav Sholom Apartments is an investment in our community and in the comfort and well-being of senior residents. I applaud Governor Cuomo, New York State Homes and Community Renewal, Omni Development, and all the partners who are bringing this project to life.”

Assemblymember Patricia Fahy said, “The planned renovations of Ohav Shalom Apartments to create high quality, affordable and sustainable housing is a terrific example of a public/private partnership that will benefit our seniors who have given so much to our community by enabling them to live in safety and comfort.  This will be a tremendous boon to our community. Many thanks to Governor Cuomo for his foresight and dedication to the needs of our seniors.”

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.

New York State Homes and Community Renewal (HCR) is charged with carrying out Governor Cuomo’s $1 billion statewide House NY program, whose goal is to create or preserve 14,300 affordable units by 2018. In 2014, HCR boasted a record year, financing the creation or preservation of 9,407 affordable housing units, including affordable homeownership opportunities for more than one thousand families. As the largest investment in New York State’s affordable housing stock in at least 15 years, House NY investments will keep thousands of low- and moderate-income Mitchell-Lama units affordable for another 40 years. The House NY initiative works in tandem with the HCR Office of Rent Administration’s vigorous efforts to protect more than two million rent-regulated tenants, and HCR’s Tenant Protection Unit which proactively audits and investigates landlord wrongdoing and has returned more than 40,000 New York City apartments to rent regulation. 

Last Updated: 06/22/15