CPC AND HPD PROVIDE AN ADDITIONAL $2.9 MILLION LOAN FOR RENOVATIONS

NEW YORK CITY — The Community Preservation Corporation (CPC) and the New York City Department of Housing Preservation & Development (HPD) have provided an additional loan of $2.9 million for the renovation of two rental buildings in the Hamilton Heights section of Harlem in Manhattan, New York City. The two six-story buildings are located at 540-550 West 144th Street and contain 60 rental units. The original loan was $7.9 million, but CPC provided an additional $535,000 on its portion of the loan and HPD has provided an increase of $2,453,359 for the installation of a new elevator and new sheetrock, improvements not initially included in the scope of work. The developer is a Housing Development Fund Corporation, which is sponsored by the Urban Homesteading Assistance Board.