The Community Preservation Corporation (CPC) and L+M Development Partners announced the closing of three Fannie Mae Multifamily Affordable Housing (MAH) loans totaling $33.2 million to finance the long-term preservation of three affordable housing developments in the Hudson Valley.
CPC’s MAH loans provides L+M with a product tailored to the complexities of the preservation of regulated affordable housing, ensuring they continue to remain in excellent physical and financial health, and extending their affordability for another four decades.
“The quality and affordability of our housing stock is a key issue facing cities both large and small across the state. We should be doing all we can to help communities preserve existing affordable housing while ensuring it remains both financially and physically stable for the long-term,” said Rafael E. Cestero, President and CEO of CPC. “We’re pleased to be able to partner with L+M to ensure that the tenants of these three Hudson Valley properties will have well-maintained, affordable homes now and for decades to come.”
“We are proud to partner with CPC on this vital project to preserve and renovate 386 affordable apartments for low-income senior citizens, especially at a time when many New Yorkers throughout the state are struggling to afford rising housing costs,” said L+M managing director Jeffrey Moelis.
The properties are located at DeBaun Avenue in Airmont, New York; Imperial Boulevard in Wappingers Falls, New York and Summit Avenue in Spring Valley, New York.
Additionally, the New York State Housing Finance Agency (HFA) is partnering with L+M and CPC to provide $20,000 per unit in funding to complete moderate-rehab work at each property, and separately, a new capitalized moderate-rehab reserve fund will also be created for the long-term benefit of each property.