Agencies team up to finance affordable housing in Brooklyn

July 28, 2010 06:30PM

The Community Preservation Corporation has partnered with the U.S.
Department of Housing and Urban Development and the New York City
Department of Housing Preservation and Development to provide $9.8
million for the gut renovation of two affordable housing developments
in Brooklyn. According to Robert Riggs, senior vice president and
regional director of CPC’s Brooklyn office, both of these projects are
sponsored under HUD’s 203 K program which is specifically designed to
focus on the rehabilitation and repair of residential properties that
have rents that are affordable to families earning 80 percent of the
area median income.

“Because of programs like these,” he said, “we have been able
to restore and preserve our city’s affordable housing stock in the
communities where it is needed the most.” For one property, in Bedford
Stuyvesant, CPC provided $1.4 million in permanent financing, ahead of
$3.6 million in subordinate financing in the form of HUD 203 K funds
that have already been used renovate these four, three-story
multi-family buildings containing 26 units. The other property, in
Flatbush, includes four scattered three-story multi-family properties
with 26 residential units that have received $637,866 in permanent
financing from CPC, ahead of $4.2 million in 203 K funds from HUD.
Since its founding in 1974, CPC has invested more than $7.4 billion in
more than 137,000 units of housing. TRD