Working with our partners to address their community revitalization challenges.

Mill Street
Build It Back Program

CPC has partnered with the City of New York to administer its Multifamily…

Government Partnerships

Build It Back

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.

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Government Partnerships

Small Project Affordable Rental Construction (SPARC)

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.

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SPARC Program

CPC has partnered with the State of New York to administer its Small…

121 St. Nicholas Avenue, Harlem
Distressed Properties

With our funding partners we are piloting a program to bring a stable…

Government Partnerships

Distressed Properties

Throughout New York City, there is a prevalence of small, multifamily developments where most New Yorkers live, and which are typically more affordable to low- and moderate-income families due to being rent regulated, or because neighborhood market conditions have previously kept rents low. These buildings often have less access to capital and often fall into disrepair. Given the strength of the New York City market, owners are often encouraged to increase rents to offset rising costs, leaving buildings vulnerable to deregulation and overleveraging by speculative investors which often results is the loss of affordable housing in these neighborhoods.

CPC believes that responsible long-term ownership and stable financing is good for neighborhoods and for New York City and we are working to ensure that these critical properties remain a strong, stable source of quality housing. Working in partnership with Bank of America, The Robin Hood Foundation, and NYC Department of Housing Preservation and Development, CPC has established an innovative financing framework to stabilize ownership of New York City’s most distressed properties. This year, CPC has launched a pilot program where we plan to purchase small, distressed buildings, make needed renovations, and recapitalize the properties with private financing, philanthropic equity and public subsidies in order to preserve and maintain affordability in our target communities.

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Sustainability

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.

500 Seneca St, Buffalo
Sustainability

To address the need for healthy, stable, and viable housing, CPC has developed…

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