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Omni NY Completes Affordable Development in Bronx’s Melrose Section
City officials joined representatives of Omni New York recently to mark the completion of Park Avenue Green, a 154-unit affordable passive house development in the Melrose neighborhood of the Bronx.
The mixed-income development located at 2980 Park Ave. is the second and final phase of Omni New York’s Morris Avenue affordable housing development. The first phase is located on an adjacent lot at 655 Morris Ave. and was completed in 2016.
Park Avenue Green includes a mix of studios, one, two and three-bedroom units, with rents affordable to very low and low income households. In addition, there are 46 units reserved for formerly homeless households, half of which are permanently affordable.
The project was financed through more than $67.73 million in public and private investment, including a total of $28.57 million in tax credit equity. Bank of America was the tax-credit investor. Alliant Capital served as tax credit syndicator.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
