Citigroup has provided $250 million in financing to Community Preservation Corporation to develop 6,000 units of low and mod-income housing. The project will have 50% of the 6,00 units developed specifically designated for New York City.
“This initiative will provide much needed capital for affordable housing in communities across New York City and State,” said Rafael E. Cestero, president and CEO, The Community Preservation Corporation.
The first properties slated for renovation under the financing will be two occupied 10 unit buildings at 539-541 East 147th Street in the Mott Haven section of The Bronx. The properties, currently owned by Wokforce Housing Advisors (WFHA) are currently overleveraged. $1.59 million of the capital will come from Citi and CPC and $2.4 million in financing from HPD.