CPC Exceeds Loan Closing Goals for Fiscal Year in the Midst of Housing Downturn
- Aug 12, 2008
By Anuradha Kher, Online News EditorNew York–Despite the turbulent economy and the housing and mortgage crisis plaguing our nation, the Community Preservation Corporation’s (CPC) Brooklyn office has closed $369 million this fiscal year, exceeding its $210 million goal for this year, as well as its $273 million closing amount for the previous fiscal year.“Part of the reason for this is that the New York market has been fairly stable in the midst of this crisis,” Mary Brennan, senior vice president and regional director of CPC, Brooklyn, tells MHN. “The other reason is that our mission is meet the capital needs of a neighborhood, so when lenders began to withdraw from the market, people came to us. Also, by reorganizing and restructuring, we were able to tap into New York City’s active rental market and we have been able to continue providing the necessary financing to build affordable housing options for local families.”In conjunction with changing their lending focus, the Brooklyn office has continued to fund and service condominium projects already in the pipeline.The CPC Brooklyn office encompasses Brooklyn, Queens, Staten Island and Long Island. Brennan says that CPC faces a challenge in this market, where it needs to walk a fine line between proving capital and making economically sound decisions. Despite CPC’s achievements, affordable housing in New York has been affected by the housing crisis. “Neighborhoods like East New York, Far Rockaway and Bedford Stuyvesant have suffered in terms of stability and people being able to afford their homes,” says Brennan.