THE CPC WAY / Community Development

CPC and Partners Invest $271 Million to Fund Major Renovations for Nearly 3,000 NYCHA Residents

By Rafael E. Cestero, President & CEO

Across the city, New York City Housing Authority (NYCHA) housing is the unsung backbone of our neighborhoods and the force that brings stability to the lives of roughly 400,000 of the most vulnerable New Yorkers. The pandemic has only amplified the need to preserve this key resource of deeply affordable housing.

Just last week, CPC and our partners in the PACT Renaissance Collaborative (PRC), and NYCHA announced the closing of $271 million to fund major renovations for 1,718 public housing units in Manhattan. The Manhattan portfolio spans 16 properties in Upper Manhattan, Murray Hill and the Upper West Side – with a total of 38 buildings that are home to approximately 3,000 tenants.

As members of this collaborative effort CPC and the Community Development Trust (CDT) are providing the majority of the equity for the project, Monadnock Development is overseeing the construction with Kalel Holdings and Lemor Development Group, and our social services partner is the Community League of the Heights (CLOTH).

Since PRC was selected by NYCHA last June, our coalition of mission-driven housing organizations has worked with our partners at NYCHA, U.S. HUD, HDC, Wells Fargo, Fannie Mae, and other state and city agencies, as well as the local elected officials to get these properties the financing necessary to start the comprehensive rehab plan.

This work has also included a significant “boots on the ground” effort, led by our partners at Monadnock, to engage the tenants and their leadership through more than 40 in-person and virtual town hall meetings, briefings, Q&A sessions, as well as a couple of holiday toy drives. The PRC team also completed inspections and social services surveys of the whole portfolio, and emergency repairs, where necessary, to ensure units were habitable until the primary work could begin.

And of course, as part of the team taking over the day-to-day property management of the portfolio, this is about our mission to preserve a critical piece of our city’s affordable housing stock, and to bring long-term stability and peace of mind to the NYCHA residents who call these developments home.

At CPC we believe that quality, affordable housing is the foundation of thriving, vibrant communities.   Not only will this project revitalize this aging and distressed, yet critical piece of our housing stock; it will preserve affordability for future generations.

As we celebrate this milestone and the start of much-needed renovations, including upgrades to every apartment, we look forward to the day when residents of these developments can enjoy the quality homes that they deserve.

Learn More:

CPC Press Release | Real Estate Weekly Article

By Rafael E. Cestero, President & CEO
Rafael E. Cestero is the President and Chief Executive Officer of the Community Preservation Corporation (CPC), and a member of its board of directors.

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