CPCR and Banana Kelly transform abandoned property into affordable housing

CPC Resources, Inc. (CPCR) and Banana Kelly Community Improvement Association, joined by the New York City Department of Housing Preservation and Development (HPD) and New York City Housing Development Corp. (HDC) president Marc Jahr, celebrated the grand opening of Banana Kelly Place, a newly constructed affordable housing complex with 58 low-income rental apartments and 5,200 s/f of ground floor space for a future child care facility at 830 Fox St. in the Longwood neighborhood. Developed by CPC Resources, the for-profit development arm of The Community Preservation Corp. (CPC), and Banana Kelly Community Improvement Association, a local Bronx non-profit organization using city subsidies from HPD and HDC, the new seven-story building contains 18 one-bedroom and 39 two-bedroom apartments, plus a superintendent's unit. "Today, we stand on what was formerly an abandoned property for over 20 years and is now a newly constructed affordable housing development that will be home to 58 hard working families. We can be proud of the steps we have taken to reclaim and rejuvenate our city's great neighborhoods," said Michael Lappin, president and CEO of CPC and CPCR. CPC Resources, Inc. (CPCR) is the for-profit development subsidiary of The Community Preservation Corporation (CPC), a not-for-profit mortgage lender that has financed more than $7 billion of affordable housing since its founding in 1974.  CPCR has developed or rehabilitated more than 13,000 units throughout New York State, including Parkchester Apartments in the Bronx, representing an investment of over $600 million in affordable housing. Banana Kelly Community Improvement Association is a community development corporation founded and governed by community residents to build and manage safe, well-maintained, affordable housing.  It creates and operates programs that help residents achieve and sustain self -sufficiency while developing new initiatives in response to the needs identified by the community. The New York City Department of Housing Preservation and Development's (HPD) mission is to promote quality housing and viable neighborhoods for New Yorkers. The department is the nation's largest municipal housing development agency and is implementing Mayor Bloomberg's New Housing Marketplace Plan to build and preserve 165,000 units of affordable housing. The New Housing Marketplace Plan is the largest municipal affordable housing effort in the nation. HPD also encourages the preservation of affordable housing through education, outreach, loan programs and enforcement of housing quality standards. The New York City Housing Development Corp. (HDC) is the nation's number one issuer of bonds for multi-family affordable housing. Established as a public benefit corporation by the State of New York in 1971, HDC is responsible for financing the creation and preservation of affordable housing in New York City. The financing provided by HDC is in the form of low-cost mortgages made through the sale of tax-exempt and taxable bonds. These mortgages are provided to developers for the construction and preservation of affordable housing. In addition, HDC provides second mortgages from its own corporate reserves.