Recent News
Posted: December 29th, 2009Brooklyn Daily Eagle
BROWNSVILLE — The completion of a $39 million renovation at the Riverdale Osborn Towers in Brownsville was celebrated recently at the property, at 440 Watkins St.
On hand for the event were representatives of all parties involved in the rehab project, including CPC Resources (CPCR), Catholic Charities Progress of Peoples Development Corporation (CCPOP), East Brooklyn Congregations (EBC), the city’s Department of Housing Preservation and Development (HPD), tenants of the complex, Congresswoman Yvette D. Clarke and other government and housing officials. The four nine-story buildings, containing 523 affordable apartments for low-income families, had been plagued with mismanagement, were in disrepair and had racked up hundreds of violations from the city’s Department of Housing Preservation and Development (HPD) until Catholic Charities interceded in 2005, hiring CPCR to redevelop the site and oversee renovations.
Renovations included the replacement of all eight elevators, the installation of new windows and new kitchens in all apartments, two new roofs, three new boilers, ceramic tile in the hallways, two new state-of-the-art gas-fired furnaces for heat and hot water, replacement of the exterior parapet and deteriorating brick work and a new intercom system.
Additionally, new gates and new apartment entry doors were installed, a new lobby entrance and management office were created, security cameras were installed and security guards were hired to patrol the grounds.
All of the interior apartment renovations were done without displacing a single tenant, according to Michael Lappin, president and CEO of CPC Resources.
“Before this transformation, every time I walked into my building, I had to pray that at least one of our elevators would be working,” said Jacqueline Melendez, a resident.
“Now I no longer have to worry about that. Our buildings have been radically transformed for the better in many ways, and we will continue to work with CPC to ensure that this spectacular progress continues.”
Financing for the renovations came from a $19.4 million CPC construction loan and a $4.99 million PLP loan from the HPD, plus $12.1 million in equity raised through the sale of Low Income Housing Tax Credits allocated by the HPD and $2.5 million in additional equity provided by the partnership.
A permanent loan will be provided by the NYCERS Pension Fund with SONYMA insurance. Schumer is credited with securing the approval of more than $36 million in city tax credits that were very close to expiring in late 2007. He also persuaded the federal department of Housing and Urban Development (HUD) to approve the city’s allocations just days before a Dec. 31 deadline.
“HUD has no greater priority than ensuring that HUD-subsidized developments provide its residents with decent, safe and affordable housing,” said Teresa Bainton, director of multifamily housing in HUD’s New York office. “That is why I am so pleased and proud of CPC Resources and Catholic Charities’ commitment to creating quality affordable housing that will help to transform the lives of countless numbers of families. This was a true public-private partnership that HUD is very proud to have been part of and that, hopefully, can serve as a road map for other troubled developments to follow.”
Monsignor Alfred LoPinto, vicar for human services at the Diocese of Brooklyn, said, he was delighted with the wonderful transformation CPCR has accomplished. “The improvement in the living conditions is a testament to a deep respect for the tenants and their families,” he said.
Congresswoman Clarke said she was proud to see that officials of all levels of government are “seriously addressing the issues and concerns of Brownsville.”
— Compiled by Linda Collins
Completion of $39 Million Renovation Celebrated at Brownsville Complex
Brooklyn Daily Eagle
December 22, 2009
BROWNSVILLE — The completion of a $39 million renovation at the Riverdale Osborn Towers in Brownsville was celebrated recently at the property, at 440 Watkins St.
On hand for the event were representatives of all parties involved in the rehab project, including CPC Resources (CPCR), Catholic Charities Progress of Peoples Development Corporation (CCPOP), East Brooklyn Congregations (EBC), the city’s Department of Housing Preservation and Development (HPD), tenants of the complex, Congresswoman Yvette D. Clarke and other government and housing officials. The four nine-story buildings, containing 523 affordable apartments for low-income families, had been plagued with mismanagement, were in disrepair and had racked up hundreds of violations from the city’s Department of Housing Preservation and Development (HPD) until Catholic Charities interceded in 2005, hiring CPCR to redevelop the site and oversee renovations.
Renovations included the replacement of all eight elevators, the installation of new windows and new kitchens in all apartments, two new roofs, three new boilers, ceramic tile in the hallways, two new state-of-the-art gas-fired furnaces for heat and hot water, replacement of the exterior parapet and deteriorating brick work and a new intercom system.
Additionally, new gates and new apartment entry doors were installed, a new lobby entrance and management office were created, security cameras were installed and security guards were hired to patrol the grounds.
All of the interior apartment renovations were done without displacing a single tenant, according to Michael Lappin, president and CEO of CPC Resources.
“Before this transformation, every time I walked into my building, I had to pray that at least one of our elevators would be working,” said Jacqueline Melendez, a resident.
“Now I no longer have to worry about that. Our buildings have been radically transformed for the better in many ways, and we will continue to work with CPC to ensure that this spectacular progress continues.”
Financing for the renovations came from a $19.4 million CPC construction loan and a $4.99 million PLP loan from the HPD, plus $12.1 million in equity raised through the sale of Low Income Housing Tax Credits allocated by the HPD and $2.5 million in additional equity provided by the partnership.
A permanent loan will be provided by the NYCERS Pension Fund with SONYMA insurance. Schumer is credited with securing the approval of more than $36 million in city tax credits that were very close to expiring in late 2007. He also persuaded the federal department of Housing and Urban Development (HUD) to approve the city’s allocations just days before a Dec. 31 deadline.
“HUD has no greater priority than ensuring that HUD-subsidized developments provide its residents with decent, safe and affordable housing,” said Teresa Bainton, director of multifamily housing in HUD’s New York office. “That is why I am so pleased and proud of CPC Resources and Catholic Charities’ commitment to creating quality affordable housing that will help to transform the lives of countless numbers of families. This was a true public-private partnership that HUD is very proud to have been part of and that, hopefully, can serve as a road map for other troubled developments to follow.”
Monsignor Alfred LoPinto, vicar for human services at the Diocese of Brooklyn, said, he was delighted with the wonderful transformation CPCR has accomplished. “The improvement in the living conditions is a testament to a deep respect for the tenants and their families,” he said.
Congresswoman Clarke said she was proud to see that officials of all levels of government are “seriously addressing the issues and concerns of Brownsville.”
— Compiled by Linda Collins
