The Community Preservation Corp and New York City Department of Housing Preservation and Development finance $1.036 million for rehabilitation of Harlem buildings

According to The Community Preservation Corp. (CPC), together with the New York City Department of Housing Preservation and Development (HPD) as a co-lender, it has provided $1.036 million in construction financing for the rehabilitation of two adjacent, 3-story Harlem brownstones located at 211-213 West 134th St. The buildings are between Adam Clayton Powell and Fredrick Douglass Blvds. St. Stephens Baptist Church-which was founded in 1925 and was once located in the area that is today Lincoln Center-is also located on the ground floor of one of the buildings. Upon completion of the renovation, the properties will contain five one-bedroom apartments and 800 s/f of ground floor space, which will continue to function as a place of worship. Two of the apartments will be rented to tenants who possess "portable" federal Section 8 certificates, which allow them to choose a place to live in privately-developed affordable housing and not have to spend more than one-third of their income for rent. Renovations will include masonry and structural repairs, all new mechanical systems, layouts, bathrooms, kitchens, roof and window replacements, and a central interior staircase to join the buildings. HPD provided its portion of the financing through the city's Participation Loan Program, which is administered by HPD. HPD's portion of the financing was funded by New York City municipal funds and federal funds provided under the federal HOME Investment Partnership Act. The borrower is the faith-based developer, St. Stephens Holdings Housing Development Fund Corp. (HDFC). This is the borrower's first loan with CPC. The general contractor is Kyrillos Tower Construction Inc., an entity owned by Fouad Farag. The architect of record is Alix Michel. "This loan demonstrates CPC's dedication to serving communities and providing affordable housing," said Rose Browne, senior vice president of CPC. "CPC has committed construction and permanent financing for more than 7,000 units in Central Harlem alone." Since its founding in 1974, CPC has invested more than $7.4 billion in nearly 140,000 units of housing.