CPC AND HPD PROVIDE $4.7 MILLION LOAN FOR LOW-INCOME HOUSING REHAB

NEW YORK CITY — The Community Preservation Corporation and the New York Department of Housing Preservation & Development (HPD) have provided a $4.7 million construction loan for the rehabilitation of three residential buildings located in the Flatbush neighborhood of Brooklyn, New York City. Two of the properties are vacant and the third is partially occupied. They comprise 2516 Newkirk Ave., 561 Rogers Ave. and 2506 Albemarle Rd. Once the renovations are complete, the three buildings will provide 25 rental apartments for low-to-moderate income families. The buildings will contain one one-bedroom apartment, 18 two-bedroom apartments and six three-bedroom apartments; rents will range from $1,000 to $1,100 per month. The developer, Nayelli Partners, acquired the properties for $50,000 under HPD’s Third-Party Transfer Program.