Browne of CPC provides $1.104m loan for Harlem rehab project

The Community Preservation Corp. (CPC) has provided a $1.104 million loan for the full rehabilitation of two attached three-story buildings.   The loan was financed under CPC's Small Building loan program, a 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 Blvds. 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 contain five apartments: two studios and three one-bedrooms. The developers are a not-for-profit entity that includes: pastor Rev. Charles Smith; Etta Alston, the president of the board of trustees; and Carrie Anderson, treasurer of the trustees and president of the Deaconess Board. "CPC has played an active role in Central Harlem over the years by providing construction and permanent financing for over 7,000 units," said Rose Browne, CPC's senior VP and director of CPC's Small Building Loan Program, who structured the loan. "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."