NY Retirement Fund Gives CPC $710M Credit Facility For Affordable Housing Development
It seems the holiday season’s already putting people in a charitable mood.
The New York State Common Retirement Fund has agreed to provide the Community Preservation Corp $710M to finance low- and moderate-income housing across the state.
Administered by New York State comptroller Thomas DiNapoli, the agreement is almost quadruple the $200M one made in 2014.
With the funds, the CPC can fund the 24-plus projects totaling 1,480 units in its active lending pipeline, including the 39-unit, 242 Broadway (pictured) in Schenectady, NY, which will receive $7.4M in CRF permanent financing.
The agreement also expands the CPC’s lending latitude, allowing it to provide insured permanent loans as low as $250k and past transactions as large as $25M. The nonprofit plans to help smaller building owners who often struggle to acquire financing.
Since 1991, the CPC has invested $741M from the Fund to provide financing to 471 developments totaling more than 18,515 units. In one fell swoop, the retirement agency has given the CPC the ability to nearly double its production from the last quarter century.
