CPC FUNDS $15.9 MILLION FOR AFFORDABLE HOUSING PROJECTS

NEW YORK CITY — The Bronx/Manhattan, New York City, office of Community Preservation Corporation (CPC), in partnership with the New York City Department of Housing Preservation (HPD), has financed $15.9 million in construction loans for three Harlem affordable housing project. CPC and HPD are providing a $9.2 million loan for the rehabilitation of two seven-story buildings located at 3603-3605 Broadway in the borough’s Hamilton Heights neighborhood. The properties will be reconfigured to include 24 one-bedroom units and 13 two-bedroom units.
A $4.5 million construction loan is being provided to Malcolm Shabazz Development Corp. for the renovation of a six-story building located at 2512 Adam Clayton Powell Blvd. After construction is complete, the buildings will comprise 15 limited equity co-ops — made up of two studios, six one-bedroom, four two-bedroom and three three-bedroom units — as well as two commercial spaces.
Finally, a $2.2 million loan will provide for the rehabilitation of a five-story building located at 131 E. 101st St. The building currently contains 10 rental units, which will be converted into co-ops upon completion.