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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…

  • 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.…

  • 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…

  • 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…

  • 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…

  • 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…

  • 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…

  • $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…

  • 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…

  • 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…

  • 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…

  • 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,…

  • 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…

  • 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…

  • 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…

  • 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…

  • 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…

  • 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…

  • 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…

  • 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…

  • 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…

  • 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…

  • 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…

  • 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…

  • 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…

  • 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…

  • 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…

  • 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…

  • Mayor Bloomberg, CPC & Citi Launch $40 Million Storm Recovery Loan Fund for Multifamily Residential Buildings

    New York Real Estate Journal December 21, 2012 New York, NY Mayor Michael  Bloomberg, Director of Housing Recovery Operations Brad Gair, New York City Department of Housing Preservation and Development Commissioner Mathew Wambua, New York City Housing Development Corporation President Marc Jahr, The Community Preservation Corporation President and CEO Rafael Cestero, and Citi Community Capital…

  • Community Preservation Corp. Refinances Mortgage on 156-unit Apartment Complex in Syracuse

    The Post-Standard December 10, 2012 The Community Preservation Corp. has provided a $5.48 million loan to refinance a mortgage on the Remington Gardens apartment complex in Syracuse. “Refinancing Remington Gardens’ mortgage with a $5.475 million Freddie Mac loan not only continues our successful partnership with its developer, Cosimo Zavaglia, but also helps CPC to provide…

  • Rehabilitation Complete on Cow Bay Apartments in Port Washington, N.Y

    Multi-Housing News October 29, 2012 Port Washington, N.Y.—A celebration was held October 16 to mark completion of the $7.8 million rehabilitation of Cow Bay Apartments, an 88-unit affordable housing community in Port Washington, N.Y., on Long Island’s North Shore. A number of state and local officials were on hand to help unveil the rehabilitated property…

  • Ramapo Gets a Revamp: New Retail & Housing Developments Attempt to Revitalize Spring Valley

    The Wall Street Journal October 15, 2012 Like dozens of small cities and villages throughout the New York region, Spring Valley lost its vibrant downtown because of competition from suburban shopping malls. “There were fabulous stores, clothing stores, a fish store, a movie cinema and great restaurants that people are still talking about today,” says…

  • Ribbon Cut at Crown Heights Supportive Housing

    The Brooklyn Daily Eagle October 2, 2012   Officials cut the ribbon on Friday for a new affordable and supportive housing development in Crown Heights. The 90-unit complex, at 805 East New York Ave., to be known as the Concern Heights Apartments, is a project of Concern For Independent Living, a nonprofit provider of supportive…

  • CPC, Jonah Mandelbaum & Occupations, Inc. close $7.95M loan to Develop Sunrise Apartments

    New York Real Estate Journal September 25, 2012 Wallkill, NY The Community Preservation Corp. (CPC), Jonah Mandelbaum, and Occupations, Inc. closed a $7.95 million loan to develop Sunrise Apartments, a 79-unit complex in the Scotchtown section. The complex will house families and individuals with developmental and physical disabilities, and provide access to support and employment…

  • NHW Syracuse Begins Demolition on Pike Block Project in Syracuse

    New York Real Estate Journal September 11 – 17, 2012 Syracuse, NY Demolition began recently at The Pike Block Project, one of the area’s latest flagship developments in progress. Scheduled for completion in 2013, the Pike Block will feature 78 new market-rate residential units and 25,000 s/f of retail space, bringing new life to downtown.…