Community Preservation Corporation, a struggling nonprofit lender for affordable housing, has been rejuvenated with a $250 million capital infusion from Citigroup, the Wall Street Journal reported.
The David Rockefeller-founded CPC has been involved in building or preserving over 145,000 units of housing, the majority of which are affordable rentals. It intends to use the new funds to build and renovate up to 6,000 units. CPC recently closed on its first deal under the new program, issuing a $1.59 million loan to help rehabilitate two distressed Bronx buildings, located at 539-541 East 147th Street. Property owner Workforce Housing Authority will use the loan to invest in major capital improvements including a new roof and heating system. [more]