River Park Towers - Bronx, NY
Omni acquired the property in December 2012 with bonds, secondary financing and Low Income Housing Tax Credits provided by the New York State Housing Finance Agency (HFA) and with assumed subordinate debt from New York Empire State Development Corp (ESDC). The New York State Energy Research and Development Authority (NYSERDA) awarded grant funding to complete energy efficient measures. This property underwent a 236 decoupling upon acquisition, whereby all existing tenants at the date of acquisition received enhanced Section 8 vouchers.
A $111.8 million rehabilitation of the property will be completed in 2015.