CPC PROVIDES $1.09 MILLION FOR AFFORDABLE HOUSING REHAB
NEW YORK CITY — The Brooklyn, New York City, office of Community Preservation Corp. (CPC) has provided a $1.09 million construction loan for the rehabilitation of a Brooklyn affordable housing property. The loan was financed under CPC’s Small Building loan program. The funds will provide for the gut rehabilitation of two three-story rental apartment buildings located at 1384 and 1386 Flatbush Ave. in the borough’s Flatbush neighborhood. Both buildings contain ground-floor commercial space. They were acquired out of foreclosure in 2007 by the borrower, NIOKA Estates. Terms of the financing were not disclosed.