CPC Provides $8M Loan for Construction of 24 Townhomes
- Feb 12, 2008
By Anuradha Kher, Online News EditorLong Island, N.Y–The Community Preservation Corporation (CPC), a non-profit affordable housing lender, is providing an $8.475 million construction loan for developing 24 new townhouse-style condominiums in the Village of Freeport, located in Long Island’s Nassau County. The property, once used as a boat marina, was rezoned for residential use in 2003. Each of the new, three-story town homes will contain a two-bedroom, 2.5-bathroom duplex apartment with a cathedral ceiling living room, laundry room, two-car garage, deck and boat slip. There will also be an additional 15 boat slips and a parking area for 11 cars on the property. “As Long Island’s real estate market continues to thrive, it is especially rewarding to be able to help the working families of Nassau County become first-time homeowners who would otherwise be priced-out of the area,” says Mary Brennan, senior vice president and regional director of CPC’s Long Island office. “Our core mission at CPC is to develop and preserve New York’s neighborhoods by providing necessary affordable housing options to its residents and we are delighted to be able to do that here in this waterfront community.” Each townhouse is expected to sell for $500,000.