Category: News

  • New York Times: $350 Million for New York’s Affordable Housing Effort

    New York Times July 30, 2014 Mayor Bill de Blasio on Wednesday announced a commitment of $350 million of public and private funding to pay for the renovation of 7,500 apartments, in what he called a “major step” toward his 10-year goal of 200,000 new or rehabilitated homes for lower- and middle-income New Yorkers. A…

  • Wall Street Journal: New Cash for Affordable Housing

    Wall Street Journal July 30, 2014 Longtime affordable-housing lender Community Preservation Corp. is getting an infusion of $350 million to invest in struggling neighborhoods, part of a private-public partnership that New York City Mayor Bill de Blasio called essential to his agenda. The partnership, between the city and banks, will allow the nonprofit lender to…

  • Crain’s: Banks, City Create $350M Affordable Housing Fund

    Crain’s New York Business July 30, 2014 Mayor Bill de Blasio announced a partnership Wednesday with some of the city’s major financial institutions to create a $350 million fund to construct and preserve affordable housing. The fund will be administered by the Community Preservation Corp., a nonprofit construction financier, to fund the creation, rehabilitation and preservation…

  • CPC and HCR Break Ground on $16.9 Million Independence Square

    New York Real Estate Journal July 15, 2014   Newburgh, NY State and local officials joined Jonah Mandelbaum, The Community Preservation Corp., Inc. (CPC), Independent Home Care, Inc., Independent Living, Inc., New York State Homes and Community Renewal (HCR), the New York State Office for People with Developmental Disabilities (OPWDD), and local officials to celebrate…

  • Parkchester Wins Following as ‘Hidden Secret’

    The Wall Street Journal June 20, 2014 Parkchester, the large apartment complex in the Bronx, was originally constructed by Metropolitan Life Insurance Co. as a middle-class city-within-a-city under the same precepts that guided the development of the insurance giant’s more-famous project in Manhattan—Stuyvesant Town and Peter Cooper Village. Like its Manhattan sibling, Parkchester has experienced…

  • Daniel Brandt joins CPC

    Globe St. July 1, 2014   Daniel Brandt, former executive director of Capstone Advisory Group, has come onboard at Community Preservation Corp.—a not-for-profit affordable housing and neighborhood revitalization lender—as CFO and EVP of risk management. Before joining CPC, Brandt was executive director at Capstone Advisory Group for 10 years. Previously, he was the senior managing…

  • CPC Closes $12M Freddie Mac Mortgage on Merchants Commons Building in Syracuse

    The Central New York Business Journal May 28, 2014 The Community Preservation Corp., Inc. (CPC) today announced the closing of a more than $12 million Freddie Mac mortgage to support the Merchants Commons building at 220 S. Warren St. in Syracuse. Merchants Commons, a combination of the former Snow Building and Merchants Bank Building, includes…

  • New York City Has One Of The Worst Housing Crises In America — Here’s The Plan To Fix It

    Business Insider May 11, 2014 On Monday, New York City Mayor Bill de Blasio unveiled his long-awaited solution to the affordable housing crisis in America’s biggest city. And he did it in front of the very same building in the Bronx whose then-owner he named as New York’s worst landlord in 2012, as the city’s…

  • Mayor de Blasio’s Proposal Tackles City’s Affordable Housing Crisis

    The Daily News May 5, 2014 The plan, known as Housing New York, recognizes that mega developments can’t solve the housing crisis. Instead, the plan recognizes that the majority of New Yorkers live in smaller properties of 50 units or less in neighborhoods across the five boroughs. By Rafael Cestero   At a time when…

  • CPC Receives $200 Million to Finance New York State Housing

    Multi-Housing News April 18, 2014 The New York State Common Retirement Fund (CRF) has committed $200 million in new funding to the Community Preservation Corporation (CPC). The funding will go to finance approximately 3,500 units of housing during the next three years. It will also help reinvigorate downtown districts and provide much-needed affordable housing across…

  • DiNapoli approves $200 million investment for affordable housing in NY

    Albany Business Journal April 18, 2014 The Community Preservation Corp., a nonprofit mortgage lender that provides capital for affordable housing, will receive $200 million from the New York State Common Retirement Fund to invest in projects across the state. The commitment from state Comptroller Thomas P. DiNapoli, the sole trustee of the retirement fund, is…

  • Community Preservation Corporation’s Hudson Valley Main Street Summit Heads to the Village of Ossining

    New York Real Estate Journal April 8 – 21, 2014 On April 17, the next Hudson Valley Main Street Summit, “Downtown Redevelopment Strategies,” will come to the Village of Ossining. Presented in partnership with the Community Preservation Corporation (CPC), Historic Hudson River Towns, and the Village, “Downtown Redevelopment Strategies” is a free networking conference featuring…

  • Push Begins to Jumpstart Mitchell-Lama in New York State

    The Wall Street Journal February 7, 2014 A powerful group of state Democrats plans to unveil on Friday a $750 million plan to build new middle-income housing, an effort to revive the 1950s-era Mitchell Lama program that built more than 100,000 units around the state. The Independent Democratic Conference, a group of breakaway Democrats who…

  • CPC Closes $7.5 Million Freddie Mac Loan for Affordable Housing; Philomena and Fort Hunter Reserve Apartments Total 108 Units

    New York Real Estate Journal January 14 – 27, 2014 Rotterdam, NY The Community Preservation Corporation (CPC), one of the leading mortgage lenders for multifamily affordable housing, arranged the closing of a $7.5 million fixed-rate mortgage through Freddie Mac’s Capital Markets Execution (CME) program to support 108 units of quality affordable housing in Schenectady County.…

  • Cuomo Proposes $100 Million for Affordable Housing

    Affordable Housing Finance January 8, 2014 Gov. Andrew Cuomo has continued his push to create and preserve affordable housing in New York by proposing a $100 million investment in his State of the State address Wednesday. This follows his announcement at the beginning of 2013 that New York would invest $1 billionto create and preserve…

  • Birkett Landing Project Got $4M Boost from Community Preservation Corporation

    PENN YAN — Birkett Landing, the upscale apartment development on Water Street, received a $4 million boost from the Community Preservation Corporation. The project was completed last year, but the corporation only announced that the loans had closed Dec. 30. Developer Chris Iversen said they were a significant factor in making Birkett Landing possible. “The…