Major Funding Awards for the City of Albany

13 Aug 2007

by: Steven Longo - (518) 641-7517

Albany, NY – Mayor Gerald D. Jennings and Mr. Steven Longo, Executive Director of the Albany Housing Authority, announced the award of more than $2.5 million from the New York State Division of Housing and Community Renewal (DHCR).

DHCR’s New York Main Street funding has awarded $200,000 for renovations and improvement to the historic King Building, located on North Swan Street between Clinton Avenue and Livingston Avenue. It will provide $20,000 for façade renovations, $55,000 for interior building renovations, $100,000 for a downtown anchor grant, and $25,000 for streetscape improvements. Additional funding will be provided by the Albany Housing Authority, MMA Financial, LLC, and the Albany County Historical Association.

DHCR has awarded the Albany Housing Authority $1,650,000 in HTF (what does this stand for??) funding, as well as $880,000 in LIHC (what does this stand for??) for the South End Revitalization 2 project. This project is the rehabilitation of six buildings containing 16 residential rental units and the new construction of seven building containing 28 residential rental units. All units will be equipped with high-speed internet access.

Funding for this project will be provided by the New York State Housing Trust Fund, the federal Low-Income Housing Credit Program and deferred developer fees. The tax credits will be syndicated by WNC and Associates, Inc. and will produce an equity contribution of approximately $8,360,000.

The development team consists of Omni Housing Development LLC as developer and general contractor, Harris Sanders Architects and Albany Housing Authority as managing agent. Upon completion, the project will be owned by a to-be-formed limited partnership having a subsidiary of the Albany Housing Authority as general partner.

The gross rents (rent plus utilities) will range from $470 to $941 and will be affordable to households with incomes at or below 60% of the area median. Eleven units will receive Section 8 project based vouchers.

Mayor Jennings stated, “These major awards will have a tremendous impact on our City, and will certainly enhance our continued efforts in revitalizing Albany, specifically the South End. I am grateful that Steve Longo is a part of our team, and I believe that by working together in collaborative partnerships we can build an even better City for all of our residents”.