Category: News
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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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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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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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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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$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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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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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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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 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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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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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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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 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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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…