New Initiative From The Community Preservation Corporation Will Invest In Communities Of Color And Empower Minority Real Estate Entrepreneurs
Plans To Rehab And Preserve The Building As Affordable Housing With Proximity To One Of The Largest Health Systems In The Region
The Community Preservation Corporation (CPC), a leading nonprofit affordable housing and community revitalization company, in collaboration with Patricia Cruz-Irving and Paul Irving, announced the acquisition of 733 Portland Avenue, a 33-unit residential building in Rochester, NY. CPC is providing an $844,000 Bridge to Acquisition loan through its new $20 million Acquiring Capital and Capacity for Economic Stability and Sustainability (ACCESS) initiative, which provides funding and pre-development support to minority developers and real estate entrepreneurs and targets high-quality housing projects in communities of color. With the acquisition complete, Patricia Cruz-Irving and Paul Irving plan to extensively renovate the property and preserve it as a high quality, affordable housing development for individuals and families.
Patricia Cruz-Irving, an award-winning bilingual communications professional with extensive work experience in the nonprofit sector, and Paul Irving, an accomplished attorney with extensive knowledge of the need for quality affordable housing, have completed smaller, local housing projects in the past, and are looking to take on a larger project to invest in their community by providing safe, affordable housing.
The $844,000 Bridge to Acquisition loan provided through CPC’s ACCESS initiative will “bridge” the outstanding balance of the purchase price, allowing them to acquire the property and move forward with plans to fund the renovations.
Patricia Cruz-Irving said, “I know from firsthand experience how important it is to grow up in and have a nice place to live and call home. Affordable housing is one of the most important factors in determining the success of individuals and families. The availability, or lack thereof, has both socio-economic and health effects. Affordable housing that is safe and in good condition increases self-esteem. It empowers residents to keep working hard and to strive for greater success by saving money and pursuing greater opportunities. Children feel safe, which allows them to perform better in school. Quality affordable housing has been proven to improve health and the ability to reach vital community services when located near public mass transit. As individuals and as a family, we have been truly blessed and giving back to our community in this way is one way to do our part to strengthen our community.”
"A thriving community starts with a nice home that is also safe. Regardless of race, ethnicity or income level, we all need and deserve to have safe, nice homes to raise our families," said Paul Irving.
“We’re proud to provide bridge funding to help Patricia and Paul acquire the property at 733 Portland Avenue. Access to flexible capital for property acquisition is one of the most common barriers faced by minority entrepreneurs impeding their ability to compete in the marketplace and grow their businesses,” said Lawrence Hammond, Senior Vice President at The Community Preservation Corporation. “This is a great project that will expand the affordable housing stock in a part of the city that has been traditionally underserved, and will provide stable, quality housing for their current and future tenants.”
“Entrepreneurs like Patricia and Paul, who live and work locally, are vitally important to the development and identity of our communities. Increasing the participation and success of minority-owned businesses brings new, healthy competition and can create economic benefits through local hiring in the neighborhoods where these development projects are located. We’re excited to have the opportunity to help support their vision of revitalizing this property as source of affordable housing that the tenants can be proud to call home,” said Miriam Zinter, Mortgage Officer in CPC’s Rochester office.
In addition to providing the traditional loan support, CPC’s ACCESS offers additional guidance and technical assistance to help ensure that minority developers succeed as they navigate their new endeavors. CPC will work with Patricia Cruz-Irving and Paul Irving to help them apply to the State’s affordable housing agency for funding to renovate the property. As part of the program, the apartments would become income-restricted and will remain affordable to the tenants. CPC will also provide financing through its Flex Small Loan program to help fund the remainder of the construction costs.
The 29,241 square foot residential building was built in 1945, and sits on a 0.84-acre lot and features two stories as well as a full basement. The lot includes space for 24 vehicles and will allow for parking access on Carter Street. The current layout of the building will remain the same. All units will be refurbished with new kitchens, bathrooms and flooring, in addition to updated paint and lighting. The building’s façade will also be refreshed.
CPC launched the $20 million ACCESS initiative in the summer of 2020 to provide financial resources, capacity building opportunities, and technical assistance to BIPOC entrepreneurs who have historically faced barriers to entry in the real estate development market, with the goal of promoting and enabling greater racial diversity, equity, and inclusion in the industry.
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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. A carbon-neutral company which currently carries a AA- issuer rating from S&P Global, CPC provides a full suite of capital products through its construction lending, Agency lending, and equity investing platforms. Since its inception, CPC has provided more than $11.5 billion to finance nearly 200,000 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.