Year: 2013
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De Blasio Plan to Use NYC Pension for Housing Faces Constraints
Bloomberg Businessweek December 30, 2013 Mayor-elect Bill de Blasio’s plan to pump $1 billion of New York’s $144 billion in pension assets into apartments for poor and working-class residents faces constraints including competition from banks and declining federal aid. Trustees of New York’s five retirement plans have a fiduciary responsibility to maximize returns for beneficiaries.…
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HPD, HDC, NYCHA, CPC Resources, L+M Development Partners, Lemle & Wolff, The New York Housing Partnership, and Partners Celebrate the Groundbreaking of Affordable Family Housing in the Bronx
Soundview Family Housing Will Provide 120 Affordable Units for Low-Income Families Bronx, NY, November 21, 2013 – The New York City Department of Housing Preservation and Development (HPD) and The New York City Housing Development Corporation (HDC) joined CPC Resources, Inc. (CPCR), L+M Development Partners, Lemle & Wolff, The New York Housing Partnership, the New…
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Work Set to Begin on 206-unit Project in Bronx
Crain’s New York Business November 20, 2013 The first phase of the project, called Soundview Family Housing, is a $47 million, 120-unit affordable development for families. It will rise on city-owned land, according to the city Department of Housing Preservation and Development, which is working jointly with the New York City Housing Authority and developers…
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The Community Preservation Corporation Appoints NYS Affordable Housing Industry Leader to its Board
MHN Online November 20, 2013 New York—The Community Preservation Corporation (CPC), a mortgage lender for multifamily affordable housing, announced today the appointment of Felice Michetti to its board. An established leader in affordable housing, Michetti is currently chairperson and CEO of Grenadier Realty Corp. Prior to joining Grenadier, Michetti devoted more than 20 years to…
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The Community Preservation Corporation Appoints NYS Affordable Housing Industry Leader to its Board
Chairperson and CEO of Grenadier Realty Corp. Felice Michetti elected as newest member of CPC’s board New York, NY, November 19, 2013 – The Community Preservation Corporation (CPC), a leading mortgage lender for multi-family affordable housing, announced today the appointment of Felice Michetti to its Board. An established leader in affordable housing, Ms. Michetti is…
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Op-Ed: On Day One, the New Mayor Should Invest in Affordable Housing
Crain’s New York Business November 3, 2013 Four Steps the Next Chief Executive Can Take By Rafael E. Cestero And Deborah Vanamerongen New Yorkers have consistently raised affordable housing as a top priority for the next mayor. The rental vacancy rate hovers around 3% but is even less for lower-priced units. Half of renters are…
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Mount Vernon Continues To Add Affordable Housing Units
The Daily Voice October 21, 2013 MOUNT VERNON, N.Y. – In their continued efforts to provide affordable housing for low-income families, Mount Vernon officials celebrated the grand opening of the Zion Court Apartments. The recently renovated complex will include four one bedroom and 24 two-bedroom apartments. They are designated for low-income families, with six…
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CPC, Greater Centennial Community Development Corporation, Red Stone Equity Partners, City and State Officials, and Residents Celebrate the Grand Opening of New Affordable Housing in Mt. Vernon
Zion Court Apartments Features 28 Newly Renovated Apartments for Individuals and Families Mount Vernon, NY, October 17, 2013 – The Greater Centennial Community Development Corporation (GCCDC) along with Community Preservation Corporation (CPC), Red Stone Equity Partners, The New York Comptroller’s office, New York Homes and Community Renewal, and residents today celebrated the completion of Zion…
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Kearney Realty, CPC, City and State Officials, Partners, and Residents Celebrate the Grand Opening of Poughkeepsie Commons Veterans Housing Development
71 Affordable Housing Units for Seniors, Homeless, and Disabled Veterans Poughkeepsie, NY, October 11, 2013 – The Community Preservation Corporation (CPC), The Kearney Realty & Development Group, New York State Homes and Community Renewal (HCR), elected officials, and residents today celebrated the completion of Poughkeepsie Commons, a newly constructed 71-unit apartment complex for seniors, homeless,…
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HPD Commissioner Visnauskas, DJ Kool Herc, Bronx Borough President Diaz, Workforce Housing Advisors, And CPC Celebrate Return Of Tenants To 1520 Sedgwick Avenue – The Birthplace Of Hip Hop
City Helped Put the Bronx Building into Responsible Ownership and Finance Rehabilitation Keeping Apartments Affordable to Hundreds of Tenants This Year Marks the 40th Anniversary of First Hip Hop Party Held in the Building’s Recreation Room September 27, 2013, Bronx, NY – NYC Department of Housing Preservation and Development Commissioner (HPD) RuthAnne Visnauskas, Workforce Housing…
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Hip-Hop Legend Lends Needed Hand for Morris Heights Building
The Daily News September 27, 2013 A Bronx apartment building considered the birthplace of hip hop has a whole new look. Now, it’s a poster child for the push to preserve affordable housing. Residents of the Morris Heights building where DJ Kool Herc worked the turntables at the world’s first hip-hop party in 1973…
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HPD & HCR Join CPCR, CPC, Catholic Charities, and Richman Housing Resources to Celebrate the Grand Opening of New, Energy-Efficient Affordable Housing Apartments in Brooklyn
New $18 Million Catholic Charities Monsignor Anthony J. Barretta Apartments to Provide 64 Units in Ocean Hill Brooklyn, NY, September 26, 2013 – NYC Department of Housing Preservation and Development (HPD) Commissioner RuthAnne Visnauskas, Senior Vice President & Head of CPC Resources, Inc. Thomas McGrath, Roman Catholic Bishop of Brooklyn Nicholas DiMarzio, Monsignor Alfred LoPinto,…
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$10.5M Loan Granted for Affordable Housing in Poughkeepsie
Hudson Valley Reporter September 22, 2013 POUGHKEEPSIE, N.Y. – A Dutchess County developer has received a $10.5 million construction loan from the Community Preservation Corp. to build a 74-unit affordable housing project in Poughkeepsie. CPC granted the loan to developer Ken Kearney to build Highridge Gardens, a two-building complex on 4.5 acres, which will provide…
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Banino Joins CPC as Director of IT
New York Nonprofit Press September 3, 2013 Christopher C. Banino has joined The Community Preservation Corporation (CPC), a leading nonprofit lender for affordable housing throughout New York State, as Director of Information Technology at its New York City office. Banino is the former Head of IT – Americas of E.D. & F. Man, Inc. “With…
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CPC and Esquire Bank Launch New Loan Product
New York Real Estate Journal August 27, 2013 New York, NY Community Preservation Corp. (CPC) and Esquire Bank (EB) have teamed up to launch a new loan product targeting multifamily building owners in N.Y.C. With the Multi Family Program, CPC will source acquisition and refinancing loans for Esquire Bank. Loans will be for multifamily structures…
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Christopher C. Banino Joins The Community Preservation Corporation
IT Leader Will Serve as New Director of Information Technology New York, NY, August 26, 2013 – The Community Preservation Corporation (CPC), a leading non-profit lender for affordable housing throughout New York State, announced today that Christopher C. Banino, former Head of IT – Americas of E.D. & F. Man, Inc., has joined the New…
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CPC, Occupations Inc. & OPWDD Break Ground on Oak Ridge Apartments; Affordable Complex Funded by HCR’s Leveraged Loan Program
New York Real Estate Journal July 30, 2013 Middletown, NY New York State Homes & Community Renewal (HCR), the New York State Office for People With Developmental Disabilities (OPWDD), Occupations, Inc., and Warwick Properties, Inc., celebrated the construction of Oak Ridge Apartments. The 78-unit apartment complex will offer affordable workforce apartments, including 15 for people…
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Eight Cool Apartments Beyond Manhattan
Bisnow July 22, 2013 Condos are all the rage in Manhattan, but our search for the hottest apartment projects took us across the Hudson and East rivers. Here are eight multifamily breakthroughs you should know about. 7. Woodstock Commons, Ulster County, NY Better known for its 1969 festival, Woodstock also is home to Woodstock Commons,…
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CPC, CRF & SONYMA Celebrate Opening of Hotel @ The Lafayette
New York Real Estate Journal July 16, 2013 Buffalo, NY The Community Preservation Corp. (CPC), The city of Buffalo, The New York State Common Retirement Fund (CRF), SONYMA, M&T Bank, Evans Bank, National Grid, Foss & Company, Signature Development, LLC and state and city officials gathered to celebrate the grand opening of Hotel @ The…
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Construction Begins on Seniors Housing in Brooklyn
Multi-Housing News July 2, 2013 New York—Developer CPC Resources Inc. has joined forces with Ground Community HDFC, East Brooklyn Congregations, Common St. Paul Community Baptist Church, the U.S. Department of Housing and Urban Development and the New York State Homes and Community Renewal on construction of Redwood Senior Living in the East New York section…
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CPC Resources, East Brooklyn Congregations, Common Ground, St. Paul Community Baptist Church & Partners Celebrate the Groundbreaking of Energy-Efficient Affordable Senior Housing in Brooklyn Redwood Senior Living to Provide 80 Affordable Rental Units
Brooklyn, NY, June 26, 2013 – CPC Resources, Inc. (CPCR), East Brooklyn Congregations (EBC), Common Ground Community HDFC (Common Ground), St. Paul Community Baptist Church, U.S. Department of Housing and Urban Development (HUD), New York State Homes and Community Renewal (HCR), and partners celebrated today the groundbreaking of Redwood Senior Living in the East New…
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Professional Profiles: Sadie McKeown 2013
The New York Real Estate Journal June 11 – 24, 2013 Name: Sadie McKeown Title: EVP, Chief Operating Officer Company: The Community Preservation Corporation Location: New York, NY Birthplace: Belleville, New Jersey Education: BA in Communications, Fordham University; Masters in Housing Administration, Cornell University First job outside of real estate: Assistant Accountant, CBS Sports First…
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Community Preservation Corp. Provides $4.3 Million in Loans to Two Syracuse Area Apartment Complexes
The Syracuse Post-Standard June 10, 2013 The Community Preservation Corp. has closed on two loans totaling $4.3 million to support 112 units of affordable housing in the Syracuse area. The two loans consist of a $2.3 million loan to refinance Aaron Manor townhouses, a seven-building, 52-unit townhouse-style apartment complex in the town of Camillus, and…
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City and State Officials join CPC, The City of Buffalo, CRF, SONYMA, M&T Bank and Signature Development, LLC to Celebrate the Grand Opening of Hotel @ The Lafayette
Historic 367-room Buffalo Hotel Transformed into 115 Newly Developed Apartments Buffalo, NY, June 5, 2013 –The Community Preservation Corporation (CPC), The City of Buffalo, The New York State Common Retirement Fund (CRF), SONYMA, M&T Bank, Evans Bank, National Grid, Foss & Company, Signature Development, LLC and State and City officials gathered today to celebrate the…
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Joint Venture Breaks Ground on Affordable Community for Those with Developmental Disabilities
MHN Online May 31, 2013 Middletown, N.Y.—New York State Homes & Community Renewal (HCR), the New York State Office for People with Developmental Disabilities (OPWDD), Occupations Inc. and Warwick Properties Inc. announced the groundbreaking of an affordable community in Middletown, N.Y. The community, called Oak Ridge Apartments, will include 78 units, 15 of which will…
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RUPCO Joins With NYS & Local Officials, CPC & HCR in Woodstock to Celebrate the Grand Opening of New Energy Efficient Affordable Housing Complex for Families & Seniors
Newly Constructed Woodstock Commons, Offers 53 State-of-the-Art Units and Is Eligible for LEED Gold Certification Woodstock, NY, May 3, 2013 – Rural Ulster Preservation Company (RUPCO), The Community Preservation Corporation (CPC), New York State Homes and Community Renewal (NYS HCR), Federal Home Loan Bank of New York, Neighborworks, Enterprise Community Partners, Raymond James Tax Credit…
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RUPCO Develops Affordable Housing Community in Woodstock
Multi-Housing News May 7, 2013 Woodstock, N.Y.—Rural Ulster Preservation Company (RUPC) has developed Woodstock Commons, a 12-building, 53-unit affordable housing community for families and seniors in Woodstock, N.Y., marking it the first new affordable housing in the area in more than 30 years. “Woodstock Commons matters to a lot of people for a lot of…
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Michael Skrebutenas Joins The Community Preservation Corporation
Multi-Housing News May 2, 2013 The Community Preservation Corporation (CPC), a non-profit lender for affordable housing throughout New York State, announced that Michael Skrebutenas, former president of housing preservation and executive deputy commissioner at the New York State Housing and Community Renewal (NYSHCR), has joined as senior vice president and regional director of CPC’s Albany…
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Michael Skrebutenas Joins The Community Preservation Corporation
NYS Housing and Community Renewal Veteran Will Serve as New Albany Regional Director New York, NY, May 1, 2013 – The Community Preservation Corporation (CPC), a leading non-profit lender for affordable housing throughout New York State, announced today that Michael Skrebutenas, former President of Housing Preservation and Executive Deputy Commissioner at the New York State…
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Affordable Seniors Multifamily Community Completed in NY State
Multi-Housing News April 26, 2013 New Windsor, N.Y.—A new seniors housing community called Amber Grove has been completed in New Windsor, N.Y., about an hour’s drive north of New York City. The 80,000-square-foot community features 84 one-bedroom apartments, as well as a community room, several lounges, laundry facilities and on-site parking. Specifically designed for independent…
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NY State & Local Officials Join CPC, HCR, CRF, SONYMA, and Jonah Mandelbaum to Celebrate the Grand Opening of New Senior Affordable Housing Development in New Windsor
Newly Constructed Amber Grove Provides 84 Affordable Senior Apartments New Windsor, NY, April 23, 2013 – The Community Preservation Corporation (CPC), New York State Homes and Community Renewal (HCR), The New York State Common Retirement Fund (CRF), SONYMA, Orange County Trust, Riverside Bank, First Sterling Financial Inc., Jonah Mandelbaum, residents, and elected officials today celebrated…
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Tax Day Has Come and Gone – Now It’s Benchmark Day
Real Estate Weekly April 24, 2013 By Andrew Padian, Vice President for Energy Initiatives, The Community Preservation Corporation Just as April 15 is synonymous with Americans as Tax Day, all New York City multi-family building owners should remember May 1st as Benchmarking Day. May 1st is the deadline for all owners and managers of multi-family…
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Rochester Breaks Ground on 73,000 s/f Redevelopment of Carriage Factory; CPC, DePaul, Goldman Sachs, and Officials Celebrate
NY Real Estate Journal April 8, 2013 Mayor Thomas Richards joined with N.Y. State Homes and Community Renewal (HCR) assistant commissioner Lenny Skrill, city neighborhood and business development commissioner Carlos Carballada, city councilmember Dana Miller, officials from DePaul, Monroe County and the Susan B. Anthony Neighborhood Association for a groundbreaking ceremony at the vacant 73,000…
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CPC SECURES $250 MILLION IN FINANCING FROM CITI, HDC, AND HPD FOR AFFORDABLE HOUSING
Financing Represents One of Citi’s Largest One-Time Investments in Affordable Housing March 12, 2013, New York – The Community Preservation Corporation (CPC), a leading mortgage lender for multi-family affordable housing, today announced that it has secured $250 million in financing from Citi for the construction, rehabilitation and preservation of affordable housing in New York. The…
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Infusion Bolsters Nonprofit
The Wall Street Journal March 12, 2013 Community Preservation Corp., which for decades was one of the city’s leading affordable-housing lenders, was on the brink of irrelevance a year ago after it made a number of bad bets on the condo boom. Now the 38-year-old nonprofit lender has received a $250 million infusion of capital…
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The Rebirth of Downtowns: Spurring New Growth Upstate
The New York Real Estate Journal March 12, 2013 By Nicholas Petragnani, The Community Preservation Corporation Across New York state, new and strategic housing investments that focus on historic revitalization have spurred advanced downtown infrastructures. Downtown districts in cities like Syracuse, Buffalo, and Rochester are on the rise and experiencing a rebirth, reminiscent of their…
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Loan Obtained to Fix Shelter in LaGrange; $2.4 Million Face-Lift Planned for Homeless Complex
The Poughkeepsie Journal February 21, 2013 Hudson River Housing has secured a $2.4 million loan from the Community Preservation Corp. to rehabilitate its homeless shelter in the Town of LaGrange. The CPC said 116 units of housing at 389 Manchester Road is composed of a 100-unit single-room occupancy building and a 16-unit townhouse complex. The…
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The Community Preservation Corporation Announces New Director of New York City Originations Team
Robert Riggs, Seasoned CPC NYC Originator, will lead newly consolidated New York City Originations office, formerly Bronx and Brooklyn offices New York, NY, February 5, 2013 – The Community Preservation Corporation (CPC), a leading non-profit lender for affordable housing throughout New York State, announced today that its Bronx and Brooklyn offices are being consolidated into…
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The Community Preservation Corp. Appoints Riggs as New Director of New York City Originations Team
NY Real Estate Journal February 8, 2013 New York, NY – The Community Preservation Corp. (CPC), a leading non-profit lender for affordable housing throughout New York State, announced today that its Bronx and Brooklyn offices are being consolidated into a single New York City originations team to be led by Robert Riggs, senior vice president…
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CPC Closes $5.475 Million Loan to Refinance Remington Gardens
New York Real Estate Journal January 15 – 28, 2013 Syracuse, NY The Community Preservation Corp. (CPC) has closed a $5.475 million Freddie Mac loan to refinance an existing HUD-insured mortgage at the Remington Gardens apartment complex. “Refinancing Remington Gardens’ mortgage with a $5.475 million Freddie Mac loan not only continues our successful partnership with…
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The Community Preservation Corporation Announces New Board Members
Head of Wells Fargo Multifamily Capital Alan Wiener, Related Companies’ President Bruce A. Beal, Jr., and Chemung Canal Trust Company’s President Anders M. Tomson elected as newest members of CPC’s board New York, NY, January 8, 2012 – The Community Preservation Corporation (CPC), a leading non-profit lender for affordable housing throughout New York State, announced…
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CPC Announces New Board Members
Multi-Housing News January 8, 2013 New York—The Community Preservation Corporation (CPC), a non-profit lender for affordable housing throughout New York State, announced today the election of three new affordable housing career leaders to the CPC Board: • Bruce A. Beal, Jr. is president and general partner of Related Companies, a privately-owned international real estate firm…