Rockville Centre, NY – October 26, 2009 – (RealEstateRama) — Nassau County Executive Thomas R. Suozzi was joined today by Legislator Joe Scannell, (D-Rockville Centre) to announce the transformation of 153 units of low-income housing authority property into newly renovated affordable rental housing in Rockville Centre. The Rockville Centre Apartments development is part of the County’s plan for transforming and preserving affordable housing in partnership with local municipalities and New York State.
“I am delighted the County was able to team up with OMNI Housing Development to get this important work done. Seniors and working families are getting priced out of Nassau County, but developments like Rockville Centre Apartments will help keep them here,” said County Executive Suozzi. “This building, once outdated and expensive to operate, is now a quality, energy-efficient place to live.”
This project was made possible through the partnership of the Village of Rockville Centre, Rockville Centre Housing Authority, New York State Division of Housing & Community Renewal and Nassau County. The $33 million dollar makeover of the 35 year old complex’s ground breaking occurred in 2008. 120 of these units will serve very low-income families. All nine buildings have been completed and reoccupied by eligible tenants. The complex is expected to be fully occupied by November.
Financing for the project included the following:
- A 15 year Project-Based $26 million (minimum) Housing Subsidy Contract with Nassau County. This contract will be administered by the Nassau Office of Housing & Homeless Services as well as on going case management through the Family Self-Sufficiency Program.
- Nassau County Industrial Development Agency bonds for both construction and permanent financing.
- Nassau County Office of Housing & Intergovernmental Affairs provided $1,000,000 in HUD HOME Assistance Partnership Act funding to assist with rehabilitation expenses.
- Rockville Centre Housing Authority financing through a purchase money mortgage.
- New York Division of Housing & Community Renewal Modernization funds.
- Low Income Housing Tax Credit equity through WNC Associates.
- Permanent loans from M&T Bank .
Residents of occupied units were relocated within the complex and were moved into the new apartments as they became available.
“This is fantastic,” commented Legislator Scannell. “This program will renovate tired housing and transform older, lower income units into modern, affordable housing. Area residents will now have more attractive housing options and the community will be enhanced by a wonderful project partnered by our County, the State and the Village of Rockville Centre.”
The Rockville Centre Apartments complex is a unique, affordable housing resource in the market place. To qualify for a unit the tenant must be a resident and the household income must be at or below 50% of the Nassau County Median Income level. The Rockville Centre Housing Authority formed a limited partnership – Rockville Center Housing Associates, L.P. with Omni Housing Development, LLC as the development partner.
