OMNI HOUSING DEVELOPMENT COMPLETES EAGLE COURT APARTMENTS REHAB

ALBANY, N.Y. — Albany-based Omni Housing Development has completed the rehabilitation of Eagle Court Apartments, a three-story affordable housing building located on Morton Avenue in Albany. The walk-up, brick building includes 33 one-bedroom units averaging 637 square feet and nine two-bedroom apartments averaging 800 square feet. Units are available to rent by tenants earning less than 60 percent of the area median income. The completion of Eagle Court Apartments is part of Phase I of a $22 million revitalization of Albany’s South End. Phase I construction will conclude with the completion of 10 new townhomes on Broad Street, scheduled for January. The townhomes will offer lease-to-own opportunities to residents. Phase II construction, which will begin in 2009, will add 43 additional apartment units. Funding for the project is being provided by the Housing Trust Fund of the New York State Division of Housing and Community Renewal, as well as federal tax credits allocated by the organization; KeyBank; Key Community Development Corp.; and the Federal Home Loan Bank of New York.