125-unit Pleasant East complex re-dedicated after renovations

The Community Preservation Corporation

Manhattan, NY The Community Preservation Corp. (CPC) & the city's Department of Housing Preservation and Development (HPD) recently joined with New York ACORN Housing Co., government officials and families to re-dedicate the Pleasant East Apartment complex, a set of buildings preserved and renovated over the last three years to house low income tenants in more than 125 permanently affordable apartments.

"The renovations to the Pleasant East apartments will be a welcome addition to this thriving community," said Michael Lappin, president and CEO of CPC. "We are delighted to work once again with the New York ACORN Housing Co. and help provide quality, affordable housing options for East Harlem's working families."

Due to tenant pressure, HUD foreclosed on the buildings because of poor management and sold the buildings to ACORN. ACORN acquired the complex from HUD in 2004. With the help of CPC, which provided a $5.372 million loan, and the HPD, which provided a $3.46 million, ACORN was able to initiate a renovation of the apartments and the buildings' systems.

All work was done without displacing residents, and additional, previously unoccupied units are now occupied by low-income, Section 8 families who had been waiting for affordable apartments. The complex is now at 100% capacity, with 100% of the units occupied by Section 8 tenants.