New York State Homes and Community Renewal (HCR) today announced the completion of the Woodrow Wilson Townhomes rehabilitation project in the City of Amsterdam. The state-of-the art modern upgrades and repairs to the100-unit Mitchell-Lama development will keep the apartments affordable for another 40 years. Woodrow Wilson Townhomes is one of the first Mitchell Lama renovation projects completed as part of the Governor’s $1 billion House New York plan to create and preserve more than 14,300 affordable homes across the State.
The renovation of Woodrow Wilson Townhomes is a partnership with HCR, Omni Development, The Community Preservation Corporation (CPC), and First Niagara Bank. A diverse mix of resources was used to refinance Woodrow Wilson Townhomes. In addition to $5.3 million in state Mitchell-Lama funding through the Housing Finance Agency within HCR, the agency’s Housing Trust Fund Corporation approved another $2 million. These state investments leveraged almost $12 million in a combination of private financing and equity from Federal Low Income Housing Tax Credits, which are also administered by HCR.
Duncan Barrett, Chief Operating Officer Omni Housing Development LLC, said, “Omni Housing Development is proud to have partnered with NYS Homes and Community Renewal through Governor Cuomo’s House New York program to recreate this failed Mitchell-Lama housing as an energy efficient, self-sustaining modern housing facility serving families in Amsterdam for decades to come.” More…
