CPC, HPD FUND APARTMENT RENOVATION

NEW YORK CITY — The Community Preservation Corp. (CPC) and the New York City Department of Housing Preservation & Development (HPD) have provided approximately $2 million in construction and permanent financing for an affordable housing project located in Harlem, New York City. The property, which is located at 404 Lenox Ave. totals five stories. It presently contains 13 residential units and 1,080 square feet of ground-floor retail space. Construction will include a gut renovation that will change the unit configuration to five two-bedroom and four three-bedroom units. New plumbing. electrical and HVAC systems will be installed, the windows and roof will be replaced, and the exterior brickwork will be repointed. The property is owned by Neighborhood Restore, which plans to convey the building to a private developer for the project. The loan included $1.29 million in funds from HPD and a $735,000 loan from CPC.