Southern Boulevard Apartments - Bronx, NY
Omni acquired the property in June 2012 with bond financing provided by the New York City Housing Development Corporation (HDC) and the New York City Department of Housing Preservation and Development (HPD) provided Low Income Housing Tax Credits. The New York State Energy Research and Development Authority (NYSERDA) awarded grant funding to complete energy efficient measures. This property underwent a 236 decoupling and extended the Project Based Section 8 contract for 20 years upon acquisition.
A $15.2 million rehabilitation of the property will be completed in 2013.