CPC’s Fannie Mae Multifamily Affordable Financing Will Extend Long-Term Affordability of Rental Housing in Airmont, Wappingers Falls, and Spring Valley
Hudson Valley, New York - The Community Preservation Corporation (CPC) and L+M Development Partners announced the closing of three Fannie Mae Multifamily Affordable Housing (MAH) loans totaling $33.2 million to finance the long-term preservation of three affordable housing developments in the Hudson Valley. CPC’s MAH loans provides L+M with a product tailored to the complexities of the preservation of regulated affordable housing, ensuring they continue to remain in excellent physical and financial health, and extending their affordability for another four decades.
“The quality and affordability of our housing stock is a key issue facing cities both large and small across the state. We should be doing all we can to help communities preserve existing affordable housing while ensuring it remains both financially and physically stable for the long-term,” said Rafael E. Cestero, President and CEO of CPC. “We’re pleased to be able to partner with L+M to ensure that the tenants of these three Hudson Valley properties will have well-maintained, affordable homes now and for decades to come. I also thank our partners at Fannie Mae and NYS HFA for their hands-on support and commitment.”
“We are proud to partner with CPC on this vital project to preserve and renovate 386 affordable apartments for low-income senior citizens, especially at a time when many New Yorkers throughout the state are struggling to afford rising housing costs,” said L+M Development Partners Managing Director Jeffrey Moelis. “We are grateful to our public and private partners for working with us to prevent the loss of these units and sharing our commitment to provide needed housing for working families in the Hudson Valley.”
Located on DeBaun Avenue in Airmont, New York, the Airmont Gardens Apartments refinanced with a $13.6 million Fannie Mae MAH loan. The property consists of four, three-story buildings with a total of 140 rental units which are affordable to tenants with annual incomes at 50% and 60% of Area Median Income (AMI). The refinancing will extend the terms of affordability for an additional 40 years.
Located on Imperial Boulevard in Wappingers Falls, New York, Berkeley Square refinanced with an $11 million Fannie Mae MAH loan. The property consists of three, four-story elevator buildings with a total of 150 rental units. The property is affordable to tenants with annual incomes not more than 60 percent AMI. The refinancing will extend the terms of affordability for an additional 40 years.
Located on Summit Avenue in Spring Valley, New York, the Sycamore Crest Apartments refinanced with a $8.6 million Fannie Mae MAH loan. The property consists of a four-story elevator building with 96 units which are affordable to tenants with annual incomes at 50% and 60% AMI. The refinancing will extend the terms of affordability for an additional 40 years.
Additionally, the New York State Housing Finance Agency (HFA) is partnering with L+M and CPC to provide $20,000 per unit in funding to complete moderate-rehab work at each property, and separately, a new capitalized moderate-rehab reserve fund will also be created for the long-term benefit of each property.
About The Community Preservation Corporation (CPC)
Established in 1974, CPC is a nonprofit affordable housing and community revitalization finance company that believes housing is central to transforming underserved neighborhoods into thriving and vibrant communities. The company, which currently carries a AA- issuer rating from S&P Global, provides a full suite of capital products through its construction lending, Agency lending, and equity investing platforms. Since inception, CPC has provided more than $11 billion to finance over 196,000 units of housing, and is currently one of the largest Community Development Financial Institutions in the country dedicated to investing in multifamily housing. Visit CPC at communityp.com, and on Facebook, Twitter and LinkedIn.
About L+M Development Partners
Since its inception in 1984, L+M Development Partners Inc. has been an innovator in developing quality affordable, mixed-income and market-rate housing, while improving the neighborhoods in which it works. A full-service firm, L+M works from conception to completion, handling development, investment, construction and management with creativity that leads the industry. L+M is responsible for over $7 billion in development and investment, and has acquired, built or preserved nearly 25,000 high-quality residential units in New York’s tristate area, the West Coast and Gulf Coast regions. Community leaders, government officials and institutional investors turn to L+M because of its consistent track record of excellence.
L+M is a double bottom line company, where its success is measured not only in financial returns but also by positive impacts. L+M takes pride in its long-standing partnership with the communities it serves, demonstrated through an annual scholarship fund, workforce development programs, after-school programs, and substantial support for local nonprofits. L+M brings a superior level of commitment to its investments in developments, and equally important, to its investment in people. For more information, please visit: http://lmdevpartners.com.