Author: Eric Bederman

New York Times July 30, 2014 Mayor Bill de Blasio on Wednesday announced a commitment of $350 million of public and private funding to pay for the renovation of 7,500 apartments, in what he called a “major step” toward his 10-year goal of 200,000 new or rehabilitated homes for lower- and middle-income New Yorkers. A…

Wall Street Journal July 30, 2014 Longtime affordable-housing lender Community Preservation Corp. is getting an infusion of $350 million to invest in struggling neighborhoods, part of a private-public partnership that New York City Mayor Bill de Blasio called essential to his agenda. The partnership, between the city and banks, will allow the nonprofit lender to…

Crain’s New York Business July 30, 2014 Mayor Bill de Blasio announced a partnership Wednesday with some of the city’s major financial institutions to create a $350 million fund to construct and preserve affordable housing. The fund will be administered by the Community Preservation Corp., a nonprofit construction financier, to fund the creation, rehabilitation and preservation…

New York Real Estate Journal July 15, 2014   Newburgh, NY State and local officials joined Jonah Mandelbaum, The Community Preservation Corp., Inc. (CPC), Independent Home Care, Inc., Independent Living, Inc., New York State Homes and Community Renewal (HCR), the New York State Office for People with Developmental Disabilities (OPWDD), and local officials to celebrate…

The Wall Street Journal June 20, 2014 Parkchester, the large apartment complex in the Bronx, was originally constructed by Metropolitan Life Insurance Co. as a middle-class city-within-a-city under the same precepts that guided the development of the insurance giant’s more-famous project in Manhattan—Stuyvesant Town and Peter Cooper Village. Like its Manhattan sibling, Parkchester has experienced…

Business Insider May 11, 2014 On Monday, New York City Mayor Bill de Blasio unveiled his long-awaited solution to the affordable housing crisis in America’s biggest city. And he did it in front of the very same building in the Bronx whose then-owner he named as New York’s worst landlord in 2012, as the city’s…

The Daily News May 5, 2014 The plan, known as Housing New York, recognizes that mega developments can’t solve the housing crisis. Instead, the plan recognizes that the majority of New Yorkers live in smaller properties of 50 units or less in neighborhoods across the five boroughs. By Rafael Cestero   At a time when…

Multi-Housing News April 18, 2014 The New York State Common Retirement Fund (CRF) has committed $200 million in new funding to the Community Preservation Corporation (CPC). The funding will go to finance approximately 3,500 units of housing during the next three years. It will also help reinvigorate downtown districts and provide much-needed affordable housing across…

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…

New York Real Estate Journal April 8 – 21, 2014 On April 17, the next Hudson Valley Main Street Summit, “Downtown Redevelopment Strategies,” will come to the Village of Ossining. Presented in partnership with the Community Preservation Corporation (CPC), Historic Hudson River Towns, and the Village, “Downtown Redevelopment Strategies” is a free networking conference featuring…

The Wall Street Journal February 7, 2014 A powerful group of state Democrats plans to unveil on Friday a $750 million plan to build new middle-income housing, an effort to revive the 1950s-era Mitchell Lama program that built more than 100,000 units around the state. The Independent Democratic Conference, a group of breakaway Democrats who…

Affordable Housing Finance January 8, 2014 Gov. Andrew Cuomo has continued his push to create and preserve affordable housing in New York by proposing a $100 million investment in his State of the State address Wednesday. This follows his announcement at the beginning of 2013 that New York would invest $1 billionto create and preserve…

PENN YAN — Birkett Landing, the upscale apartment development on Water Street, received a $4 million boost from the Community Preservation Corporation. The project was completed last year, but the corporation only announced that the loans had closed Dec. 30. Developer Chris Iversen said they were a significant factor in making Birkett Landing possible. “The…

Bloomberg Businessweek December 30, 2013 Mayor-elect Bill de Blasio’s plan to pump $1 billion of New York’s $144 billion in pension assets into apartments for poor and working-class residents faces constraints including competition from banks and declining federal aid. Trustees of New York’s five retirement plans have a fiduciary responsibility to maximize returns for beneficiaries.…

MHN Online November 20, 2013 New York—The Community Preservation Corporation (CPC), a mortgage lender for multifamily affordable housing, announced today the appointment of Felice Michetti to its board. An established leader in affordable housing, Michetti is currently chairperson and CEO of Grenadier Realty Corp. Prior to joining Grenadier, Michetti devoted more than 20 years to…

Crain’s New York Business November 3, 2013 Four Steps the Next Chief Executive Can Take By Rafael E. Cestero And Deborah Vanamerongen New Yorkers have consistently raised affordable housing as a top priority for the next mayor. The rental vacancy rate hovers around 3% but is even less for lower-priced units. Half of renters are…

Hudson Valley Reporter September 22, 2013 POUGHKEEPSIE, N.Y. – A Dutchess County developer has received a $10.5 million construction loan from the Community Preservation Corp. to build a 74-unit affordable housing project in Poughkeepsie. CPC granted the loan to developer Ken Kearney to build Highridge Gardens, a two-building complex on 4.5 acres, which will provide…

New York Nonprofit Press September 3, 2013 Christopher C. Banino has joined The Community Preservation Corporation (CPC), a leading nonprofit lender for affordable housing throughout New York State, as Director of Information Technology at its New York City office.   Banino is the former Head of IT – Americas of E.D. & F. Man, Inc. “With…

New York Real Estate Journal August 27, 2013 New York, NY Community Preservation Corp. (CPC) and Esquire Bank (EB) have teamed up to launch a new loan product targeting multifamily building owners in N.Y.C. With the Multi Family Program, CPC will source acquisition and refinancing loans for Esquire Bank. Loans will be for multifamily structures…

Multi-Housing News July 2, 2013 New York—Developer CPC Resources Inc. has joined forces with Ground Community HDFC, East Brooklyn Congregations, Common St. Paul Community Baptist Church, the U.S. Department of Housing and Urban Development and the New York State Homes and Community Renewal on construction of Redwood Senior Living in the East New York section…

The Syracuse Post-Standard June 10, 2013 The Community Preservation Corp. has closed on two loans totaling $4.3 million to support 112 units of affordable housing in the Syracuse area. The two loans consist of a $2.3 million loan to refinance Aaron Manor townhouses, a seven-building, 52-unit townhouse-style apartment complex in the town of Camillus, and…