Bedell Terrace - Hempstead, NY

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Omni acquired the property in September 2009 with financing provided by the New York State Housing Finance Agency {HFA) and Nassau County.  HFA provided a mortgage financed by tax exempt bonds, low income housing tax credits and subordinate financing, while Nassau County provided a grant through HOME, NSP {Neighborhood Stabilization Program) and CDB (Community Development Block). 125 units received a 20 year Project Based Section 8 contract upon acquisition.  The property also received a grant from the Weatherization Assistance Program and National Grid to finance energy efficiency rehabilitation.

A $20.1 million rehabilitation of the property was completed in March of 2011.