Press Room > Press Releases
Contact: Brenda Ratliff, V.P. for Communications
212-869-5300 x568 bratliff@communityp.com
Posted: September 9th, 2008
Led by Senior Vice President and Regional Director Mary Brennan, the Brooklyn office successfully adapted to the challenges in the current lending environment by refocusing their lending to concentrate more on New York’s robust rental market.
“Early on we recognized the obstacles this current financial climate had in store for lenders such as CPC,” said Ms. Brennan. “By reorganizing and restructuring, we were able to tap into New York City’s active rental market and we have been able to continue providing the necessary financing to build affordable housing options for local families.”
In conjunction with changing their lending focus, the Brooklyn office has continued to fund and service condominium projects already in the pipeline.
Brennan added, “While we recognize the challenges ahead, we will continue to help build and preserve the city’s neighborhoods”.
CPC was formed in 1974 by a group of business leaders and financial institutions to try and stem the tide of deterioration and abandonment that threatened communities like Washington Heights in Manhattan and Crown Heights in Brooklyn. With financing provided by our member institutions, complemented by government programs, and secondary market support from the pension funds, along with the active cooperation of neighborhood leaders, CPC has been able to focus sharply and successfully on the housing needs of communities throughout the region.
To date, CPC has financed almost 150,000 units, representing a total public and private investment of $7 billion.
CPC’s Brooklyn Office Closes $369M Of Affordable Housing Loans In Fiscal 2008
New York, August 11, 2008 -- Despite the turbulent economy and the housing and mortgage crisis plaguing our nation, the Community Preservation Corporation’s (CPC) Brooklyn office has closed an impressive $369 million this fiscal year, it was announced. The Brooklyn regional office encompasses Brooklyn, Queens, Staten Island and Long Island.Led by Senior Vice President and Regional Director Mary Brennan, the Brooklyn office successfully adapted to the challenges in the current lending environment by refocusing their lending to concentrate more on New York’s robust rental market.
“Early on we recognized the obstacles this current financial climate had in store for lenders such as CPC,” said Ms. Brennan. “By reorganizing and restructuring, we were able to tap into New York City’s active rental market and we have been able to continue providing the necessary financing to build affordable housing options for local families.”
In conjunction with changing their lending focus, the Brooklyn office has continued to fund and service condominium projects already in the pipeline.
Brennan added, “While we recognize the challenges ahead, we will continue to help build and preserve the city’s neighborhoods”.
CPC was formed in 1974 by a group of business leaders and financial institutions to try and stem the tide of deterioration and abandonment that threatened communities like Washington Heights in Manhattan and Crown Heights in Brooklyn. With financing provided by our member institutions, complemented by government programs, and secondary market support from the pension funds, along with the active cooperation of neighborhood leaders, CPC has been able to focus sharply and successfully on the housing needs of communities throughout the region.
To date, CPC has financed almost 150,000 units, representing a total public and private investment of $7 billion.
