In a major step forward in the revitalization of one of Albany's poorest neighborhoods, city, county and state officials met with representatives from The Community Preservation Corporation (CPC) to celebrate the completion of Arbor Hill Homes which features 54 units of affordable rental housing within a five-block area.

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Caption: In a major step forward in the revitalization of one of Albany's poorest neighborhoods, city, county and state officials met with representatives from The Community Preservation Corporation (CPC) to celebrate the completion of Arbor Hill Homes which features 54 units of affordable rental housing within a five-block area. CPC, a not-for-profit mortgage lender, provided a $5,000,000 construction loan for the project. Permanent financing for the project is being provided by the Albany Housing Authority with additional funding from the New York State Housing Trust Fund Corporation and MMA Financial. Arbor Hill Homes is owned by Swan Street Homes, LLC, a not-for-profit formed solely for the purposes of the project and controlled by the Albany Housing Authority. Norstar Development USA, L.P. managed the entire development process with Norstar Building Corporation as the general contractor.