A longtime community and housing nonprofit has invested nearly $1 billion in a major initiative to create more affordable housing in New York State.
The Community Preservation Corporation said in a press release that it had deployed nearly $940 million over the past fiscal year “to support impactful housing and community development projects” in New York, including New York City.
“CPC’s work across its construction, permanent, and Agency lending and investing platforms financed 8,400 units, nearly 80 percent of which were affordable to households earning at or below 80 percent Area Media Income,” the corporation said in the release.
The company said its “construction lending platform” has provided “more than $464 million in loan funding to developers of both affordable and workforce housing across every region of New York State,” including “housing projects to revitalize historic downtowns” as well as “affordable and supportive housing for our most vulnerable populations” and “small multifamily rental stock.”
The company, formed in 1974 as a response to plummeting affordable housing stock in New York City, said it seeks to be “a responsible, long-term steward of affordable and workforce housing that serves moderate- and low-income tenants.”