At every transaction, mortgage lenders have an opportunity to talk to building owners about improving building efficiency. By realizing the benefits of efficiency on loan performance and incentivizing owners to pursue efficiency, lenders encourage investments that will strengthen cash flow, improve property value, and lower the risk of delinquency. This easy-to-read handbook will help decision makers understand the benefits of sustainability, and how to positively impact the multifamily housing stock.
CPC believes in providing safe, healthy and affordable housing throughout the neighborhoods we serve.
Yet, 35% of NYC’s greenhouse gas emissions presently come from residential buildings. At the same time, rents and utility costs have outpaced wages, expanding the demand for affordable housing dramatically. The need for healthy, stable, and viable housing has never been more critical to the economic and environmental sustainability of our communities. By supporting the development of more energy efficient buildings, we can ensure stable ownership of multifamily rental buildings, preserve rental affordability, and create more sustainable communities.
One of the biggest barriers to pursuing energy conservation measures can be restricted access to sufficient capital. In an attempt to cut both utility and operational costs and carbon footprints, CPC has developed a simple financing methodology to catalyze integration of energy efficiency and water conservation measures into construction loans.
The platform is driven by four principles: underwriting, originating, educating, and collaborating. By using the projected savings of energy and water retrofit measures in the first mortgage underwriting, CPC’s approach provides clients with low cost capital. This allows for a quality retrofit that locks in energy and water savings, helping to ensure long term economic stability of the property.
New York City is continuing to feel the impact of Superstorm Sandy, which struck on October 29, 2012. To assist impacted communities, the U.S. Department of Housing and Urban Development (HUD) has issued the New York City Department of Housing Preservation and Development (HPD) a total of $4.2 billion for Hurricane Sandy disaster recovery. CPC was selected to administer $45 million of these funds, which will be distributed through our Build it Back Multifamily Program. We will be working approximately 130 registrants, who represent approximately 2,700 units across the five boroughs. To date, CPC has assisted approximately 350 multifamily units through the initiative, 82% of which are considered Low/Moderate Income (at or below 80% Area Median Income). In addition, CPC expects to close on another 300 units by the third anniversary of the Hurricane.
Safe, quality housing is the bedrock of strong communities, and when that housing stock is damaged or destroyed it can destabilize neighborhoods and the families that call them home.
CPC is partnering with New York State Homes and Community Renewal (HCR) to administer up to $20 million in Community Development Block Grant-Disaster Recovery funds through the Small Project Affordable Rental Construction Program (SPARC) to communities impacted by Superstorm Sandy, Hurricane Irene and/or Tropical Storm Lee. SPARC will finance small rental projects throughout New York State to restore and create a range of housing options and expand housing and economic opportunity for New Yorkers of low- and moderate-income.
The Governor’s Office of Storm Recovery and the Housing Trust Fund Corporation are making the federal funds available through HCR for CPC to administer the new construction and rehabilitation of developments containing from eight to twenty affordable rental units each. The program targets low-density areas hard-hit by the Storms in regions that include the State’s NY Rising Community Reconstruction Program areas that have developed plans to address storm recovery and resilience.
The program will foster neighborhood revitalization and resiliency by adding to the stock of affordable housing with at least 51% of new rental units at each property to be designated for residents earning below 80% of the Area Median Income. Importantly, the SPARC funding will help fill a gap for smaller projects and properties that often lack access to capital and other critical resources.