Phase II of $22M South End Revitalization Projects Begins

Albany, N.Y.–Construction on the second phase of the $22 million South End Neighborhood revitalization project in Albany has now started.

South End Revitalization Phase II consists of 43 units of new and rehabilitated affordable housing on Morton Avenue and nearby streets in Albany’s historic South End neighborhood. To meet the needs of small families, four apartment buildings in a row house style with two-bedroom units are being constructed along Morton Avenue. In addition, four of the vacant historic row houses on Morton Avenue between Elizabeth and Eagle Streets are being rehabilitated to meet historic preservation guidelines. Nine, 3-bedroom single-family homes are being built on Catherine, Broad and Clinton Streets and will serve larger families.

This phase is the continuation of the housing revitalization project that began in 2008 with the rehabilitation of Eagle Court Apartments on Morton Avenue and the construction of Jared Holt Mews townhomes on Broad and Clinton Streets. Residents have occupied these properties, both managed by Albany Housing Authority, since early 2009. Albany Housing Authority will also lease and manage the Phase II units.

Steven T. Longo, Executive Director Albany Housing Authority says, “The start of this important project marks a hard fought victory for the South End. In these tough economic times, there are many communities competing for scarce affordable housing dollars. Residents, investors, and the State of New York chose to support this project because of the clear vision and unity of purpose set forth in the Capital South Plan and the proven track record under Mayor Jennings for getting the job done.”

The five one-bedroom, 29 two-bedroom and nine three-bedroom apartments and homes will comply with New York State Division of Housing and Community Renewal’s Green Building Initiative and will receive NYSERDA’s Energy Star Labeled Home designation for their energy efficient design, building materials, heating and ventilation systems, lighting and appliances.

Monthly rents for the units will range from $220 to $843, depending on income levels. Individuals and families with incomes at or below 60 percent of the area median income are qualified to rent the units in Phase II.

The Albany Housing Authority by the New York State Division of Housing and Community Renewal’s Housing Trust Fund Corp. and Low-Income Housing Tax Credit Program provided the $10.1 million financing. PNC Bank, NA provided the construction and bridge loans and PNC Real Estate invested the tax credit equity.

Phase I, featuring 52 units, included the rehabilitation of Eagle Court Apartments on Morton Avenue and the construction of Jared Holt Mews Townhouses. Together, the first two phases will bring 95 new and rehabilitated affordable homes to the South End and stimulate additional neighborhood revitalization and economic activity.

Omni Housing Development LLC is assisting Albany Housing Authority with the development of South End Revitalization Phase II. I. David Swawite, CEO and managing member of Omni Housing Development LLC, says, “Since 1973 Omni has been committed to the revitalization of downtown Albany by restoring important historic structures for modern day use; and partnering with dedicated stakeholders to redevelop historic areas of downtown into safe affordable, energy-efficient homes that residents and the entire city can be proud of.”

Construction on South End Revitalization Phase II will continue through early 2011. All 43 units will be completed and occupied by summer 2011.

Each apartment will feature the highest efficiency HVAC systems, windows and Energy Star appliances – all to exceed the New York State Energy Code by at least 20 percent.