The original plan for the residential phase of Village Green was to build 56 “For Sale” condominiums. All required permits were granted by summer 2007. With housing values declining, Omni delayed building the condominiums and re-permitted rental apartments in 2008. With the support of the State Senator and Representative who serve Tewksbury, Omni obtained $872,500 in state grants to defray the cost of building the 12 required affordable units. Omni also worked with the Tewksbury Housing Authority to obtain a contract for “Project Based” Section 8 rental vouchers that provide “Fair Market Rents” for the affordable units. These subsidies enabled construction during the banking and liquidity crisis that triggered the recession. Omni also installed $200,000 of solar electric panels, with the aid of state funded rebates and a payment in lieu of Federal Tax Credits.
Related Portfolio Projects