DiNapoli approves $200 million investment for affordable housing in NY

Albany Business Journal
April 18, 2014

The Community Preservation Corp., a nonprofit mortgage lender that provides capital for affordable housing, will receive $200 million from the New York State Common Retirement Fund to invest in projects across the state.

The commitment from state Comptroller Thomas P. DiNapoli, the sole trustee of the retirement fund, is expected to finance about 3,500 units of affordable housing over the next three years.

“For nearly 23 years, the New York State Common Retirement Fund has been one of CPC’s most important partners in community revitalization and in the creation of affordable housing in New York,” said Rafael E. Cestero, president and CEO of The Community Preservation Corp. “Innovative financing programs like this one are needed now more than ever to spur growth in communities across the state.”

The CPC, based in New York City, has provided financing for numerous affordable housing projects in the Albany region over the years. A recent example is the conversion of the former Philip Livingston Magnet Academy into 103 apartments for senior citizens.

The CPC has worked with the state Common Retirement Fund since 1991 to provide 30-year fixed-rate permanent loans for low- and moderate-income multi-family developments.

The CPC has invested $8.4 billion in over 157,000 units in the state since its founding in 1974. Still, the group said the need for more affordable housing continues.