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CPC loan contributes to affordable housing.

Renovations have been completed on the Imperial, a Brooklyn landmark building that provides 35 affordable rental units to low- and moderate- income residents. Located at 1198 Pacific Street in Crown Heights, the Imperial is one of a cluster of six buildings containing a total of 72 units. The Community Preservation Corporation provided $12.4 million in construction financing for the entire project.

The Imperial was renovated by ELH Mgmt. LLC, a New York-based real estate development company. The project was led by ELH president Larry Hirschfield.

The property was rehabilitated through the New York City Department of Housing Preservation and Development's (HPD) Neighborhood Entrepreneurs Program (NEP). The rehab is part of the Mayor's $7.5 billion New Housing Marketplace Plan to develop and preserve 165,000 units of affordable housing over 10 years.

The Imperial consists of 34 rental units, of which 25% will be affordable to households earning no more than 50% of the Area Median Income, which is equivalent to $35,450 for a family of four. Fifty percent will be affordable to low-income households earning no more than 60% of the Area Median Income, which is equivalent to $42,540 per year for a family of four. The remaining units will be affordable to moderate-income households. The Imperial is part of a cluster of 15 Crown Heights buildings renovated together by ELH Mgmt. LLC through HPD's NEP program. In total, the cluster of buildings will provide 126 affordable rental units and nine commercial spaces to the Crown Heights community.

"CPC has been working with HPD on the NEP program since its inception and we are proud to once again provide financing under this very important program," said president and CEO of CPC Michael D. Lappin." This is also one of eight projects we are financing or plan to finance with developer Larry Hirschfield. It's a pleasure to work with a developer whose interests dovetail perfectly with CPC's--creating and sustaining affordable housing in working communities."
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Title Annotation:FINANCE
Publication:Real Estate Weekly
Date:Oct 25, 2006
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