DEAL OF THE DAY: CPC Provides $1.104M Rehab Loan for Two Affordable Housing Projects

By Anuradha Kher, Online News EditorNew York–The Community Preservation Corp. (CPC) recently provided a $1.104 million loan for the full rehabilitation of two attached three-story buildings (pictured) in Harlem, New York. The loan was financed under CPC’s Small Building loan program, which provides borrowers with reduced costs, faster processing, comprehensive technical support and other incentives. The two buildings being renovated are located in central Harlem at 161-163 West 131st St. between Malcolm X and Adam Clayton Powell boulevards. The buildings were purchased in 1964 by the Christ Temple Baptist Church, which combined the first floor and basement of each building in 2005 to create space for the church on the first floor and a community facility in the basement. The second and third floors feature two studios and three one-bedroom apartments with monthly rents ranging from $1,200 to $1,900. “CPC has played an active role in central Harlem over the years by providing construction and permanent financing for over 7,000 units,” says Rose Browne, CPC’s senior vice president and director of CPC’s Small Building Loan Program. “The Christ Temple Baptist Church is a staple in this community and we are delighted to assist them in this effort which will ultimately benefit local residents.”