The Community Preservation Corp. (CPC) and the New York City Dept. of Housing Preservation & Development jointly provide $2.025 million construction and permanent loan

According to, The Community Preservation Corp. (CPC) and the New York City Dept. of Housing Preservation & Development (HPD) have jointly provided $2.025 million construction and permanent loan for the gut renovation of a five-story apartment building in central Harlem. The property, located at 404 Lenox Ave. on the northeast corner of West 130th St. and Lenox Ave. currently contains 13 residential units and 1,080 s/f of ground floor retail space. The building will be improved with the installation of new plumbing and electrical systems, new HVAC systems, and new windows, as well as the repointing of exterior brickwork and roof replacement. Upon completion, there will be a layout change and the 13 pre-existing units will be converted into five two-bedroom and four three-bedroom apartments. The property was previously owned by the city of New York but was conveyed to the borrower through HPD's Third Party Transfer program. The program expedites the transfer of foreclosed, tax-delinquent properties to a responsible third party. In this case, the recipient is Neighborhood Restore, a local development corporation, which plans to convey the building to a trusted private developer. Financing for this renovation includes a $735,000 loan from CPC and $1.29 million in funds provided by HPD. "HPD's Third Party Transfer program has a proven track record of taking once abandoned and deteriorating neighborhood eye-sores and turning them over to developers who not only beautify and renovate the properties, but more importantly, create affordable housing options for city residents," said Bruce Dale, senior vice president and regional director of CPC's Bronx/Manhattan office. "We are enthusiastic about the impact these restored properties have on their surrounding neighborhoods and look forward to continuing our work with HPD to make these projects a reality." Currently only four of the units are occupied. The existing tenants will be temporarily relocated during construction. Upon completion, their renovated living conditions will provide existing tenants with safe and affordable housing. Monthly rents have been set by HPD are below market-rate. Since its founding in 1974, CPC has invested more than $7 billion in more than 136,000 units of housing.