CPC provides SRO construction loan.The Community Preservation Corporation (CPC (1) (Central Processing Complex) An IBM mainframe that has two or more central processors (CPs) that share memory. It is the collection of processors, memory and I/O subsystems manufactured with a single serial number, typically all contained in one cabinet. ) recently agreed to provide a $4- million construction loan to build a new, three-story, Single Room Occupancy The expression "single room occupancy" or, more commonly "SRO", refers to a building that houses people in single rooms. This means that tenants must share bathrooms and kitchens. (SRO) home in the city of Ithaca. Located at 310-318 Third Street, the property--which now comprises three single-family homes and a garage--will be removed and make way for a new, approximate 30,000 s/f structure that will be home to 38 individuals who have been diagnosed with a mental illness. All units will be 100% handicapped adaptable and will each provide about 300 s/f of living space. The facility will also include dining, recreation, security and office space. The borrower is Lakeview Mental Health Services, Inc. CPC's loan will include a low-income housing tax credit The Low Income Housing Tax Credit (LIHTC; often pronounced "lye-tech") is a tax credit created under the Tax Reform Act of 1986 (TRA86) that gives incentives for the utilization of private equity in the development of affordable housing aimed at low-income Americans. equity of $1,900,000 is insured by the State of New York Mortgage Agency The State of New York Mortgage Agency (SONYMA) was created in 1970 as a public benefit corporation due to shortages of funds in the private banking system for New York State's residential mortgages. (SONYMA). |
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