Brooklyn CPC closes $369m in fiscal 2008

The Community Preservation Corp.'s (CPC) area office has closed $369 million this fiscal year. The regional office also encompasses Queens, Staten Island and Long Island. Led by senior VP and regional director Mary Brennan, the office successfully adapted to the challenges in the current lending environment by refocusing their lending to concentrate more on New York's robust rental market.   "Early on we recognized the obstacles this current financial climate had in store for lenders such as CPC," said Brennan. In conjunction with changing their lending focus, the Brooklyn office has continued to fund and service condominium projects already in the pipeline.   CPC was formed in 1974 by a group of business leaders and financial institutions to try and stem the tide of deterioration and abandonment that threatened communities like Washington Heights in Manhattan and Crown Heights in Brooklyn.  With financing provided by our member institutions, complemented by government programs, and secondary market support from the pension funds, along with the active cooperation of neighborhood leaders, CPC has been able to focus sharply and successfully on the housing needs of communities throughout the region.   To date, CPC has financed almost 150,000 units, representing a total public and private investment of $7 billion.