CPC AND HPD FUND AFFORDABLE HOUSING REHABILITATION

NEW YORK CITY — The Community Preservation Corp. (CPC) and the New York City Department of Housing Preservation & Development (HPD) have provided $442,000 in funding for a vacant, three-story residential building located in the East Tremont neighborhood of the Bronx, New York City. Situated at 1688 Webster Ave., the property was recently renovated as part of the HPD’s Neighborhood Homes Program, which transfers city-owned properties to sponsors for rehabilitation and sale to new owners who live in a single unit and rent out the other units at an affordable rate. For this project, Bronx Shepherds Restoration Corp. renovated the property and sold it to 1688 Webster Realty LLC. Jeffrey Brown, the principal of 1688 Webster Realty LLC, will occupy one of the units on the top two floors and will rent out the remaining units. The building’s ground-floor commercial space will be leased to Joshua & Caleb Ministries. CPC provided a $320,949 permanent loan and HPD provided $126,667 in grant financing for the project.