KeyBank is investing $28.7 million in the redevelopment of a 71-unit affordable housing development for seniors in St. Lawrence County, N.Y.
The new community will replace 72 flood-threatened, garden-style apartments with one accessible energy-efficient building.
Developed by Omni Housing Development, the new Cambray Court Apartments meets a high demand for affordable senior housing in a county, where approximately 15% of the population is 65 or older and 20% is living in poverty.
In addition to Omni Housing Development and manager United Helpers, the rehabilitation involves Beardsley Architects and Engineers and Bette & Cring Construction Group.
Cambray Court will provide services for tenants in need of in-home care, with a preference given to the frail elderly and veterans.
"We are providing much needed housing for seniors, an often underserved community across the nation, and one that is in need across St. Lawrence County,” said Robert Likes, national manager of Key’s Community Development Lending/Investment platform. “With the Cambray Court Apartments, KeyBank follows through on its commitment to provide safe, decent affordable housing and supportive services that stabilize and revitalize communities.”
The property absorbs the cost of electricity, water, sewer and garbage removal; maintains 87 well-lit parking spaces; and provides elevator access to each floor. Residents can also take advantage of a community room with a kitchen, laundry facilities on each floor, walking trails, a patio and a garden.
KeyBank provided approximately $8.9 million in federal low-income housing tax credit (LIHTC) equity, $1.4 million in state LIHTC equity, a $9.9 million bridge loan, and an $8.5 million construction loan. New York State Homes and Community Renewal provided $1.8 million in Housing Trust Fund monies and allocated the housing tax credits..
“Cambray Court has a long tradition of serving the affordable senior housing needs of Gouverneur and St. Lawrence County. Omni Housing is proud to partner with local government and NYS Homes and Community Renewal and KeyBank to create energy efficient, high quality senior housing to serve this community for decades to come” said Duncan Barrett, COO of Omni.