Baseball star leads drive to renovate Bronx homes.

The city and New York Met, Mo Vaughn, and his company, Omni New York LLC, will purchase and renovate two apartment developments in the Mott Haven section of the Bronx.

The purchase is being made possible through a $28.6 million New York City Housing Development Corporation (HDC) loan of which $5 million will be used to renovate 300 apartments in once neglected Bronx developments.

As the new owners of the developments, Omni New York LLC will install new kitchen cabinets and new floors in apartments, tiles, tubs and toilets in bathrooms, boilers, hot water heaters, make electric, plumbing upgrades and install security cameras. The average rent for each apartment in both developments is $270 per month.

"We're preserving affordable housing for the next generation of New Yorkers," said Mayor Bloomberg. "It's a win for the tenants and a win for the City. I want to thank Mo Vaughn for investing in the Bronx."

The $28.6 million loan was made through HDC and secured with a letter of credit from Citibank to allow Mo Vaughn and Omni New York LLC to purchase the two properties. Mo Vaughn's Omni New York LLC has earmarked nearly $5 million for rehabilitation of both developments and has worked with HUD, HPD and HDC to ensure that rents for tenants remain affordable under the project-based Section 8 program which is administered by HUD.

"I am thrilled that I was able to give back to the people of New York City by being involved with Mayor Bloomberg to preserve 286 units of affordable housing in the Bronx," said Vaughn, co-Managing Director and majority owner of Omni New York LLC.

The Thessalonica Court Apartments at 350 St. Ann's Avenue, and Brookhaven I Apartments which includes four buildings located at 197, 205 Brook Avenue, 198 and 202 Brown Place, were originally financed by HDC in 1983 with Federal project-based Section 8 HAP (Housing Assistance Program) contracts and insured by the Federal Housing Administration (FHA). Brookhaven contains 95 low-income units, and Thessalonica Court contains 191 low-income units.

Over the last few years, both HUD and the City's housing agencies had become increasingly concerned with the growing deterioration of both Brookhaven I and Thessalonica Court Apartments.