THE CPC WAY / Community Development

Celebrating New, Affordable Housing for Peekskill Artists

By Rafael E. Cestero, President & CEO

CPC takes pride in working closely with communities to finance housing that aligns with their development plans and the unique needs of their residents. Earlier this spring, I had the pleasure of joining CPC partners and colleagues in Peekskill to celebrate the opening of Lofts on Main, a community designed for artists.

The Lofts on Main apartment complex bolsters the City of Peekskill’s burgeoning cultural center, which is becoming a destination for artists and patrons of the arts. The development includes gallery and performance space centrally located on Main Street, and artists were given preference to rent 50 of the units at affordable rates.

While I have attended many ribbon cuttings since serving as Housing Commissioner of New York City and then taking the helm of CPC in 2012, this one was particularly rewarding because of CPC’s long relationship with the borrower. Ken Kearney purchased his first multifamily building with financing from a CPC loan and has since established himself as an important owner of quality, affordable, multifamily housing in the Hudson Valley. I was thrilled to personally congratulate Ken and his son Sean Kearney on the opening of Lofts on Main. CPC is proud to be the lender of choice on projects like this one that are designed with the needs of the community in mind. Thanks to our thoughtful government partners and building owners like the Kearney family who share CPC’s commitment to providing safe, affordable places to live, we can all look forward to a vibrant future for the City of Peekskill and its artist community.

Thank you to Lt. Governor Kathy Hochul, Commissioner RuthAnne Visnauskas & New York State Homes & Community Renewal, Peekskill Mayor Andrew Rainey, Westchester County Government County Executive George Latimer for joining us to celebrate the ribbon cutting.

By Rafael E. Cestero, President & CEO
Rafael E. Cestero is the President and Chief Executive Officer of the Community Preservation Corporation (CPC), and a member of its board of directors.

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