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Banking and Finance

CPC closes senior housing loan

The Community Preservation Corporation (CPC), Project FIND, the Joint Ownership Entity New York City (JOE NYC), and the NYC Department of Housing Preservation and Development (HPD) announced the closing of a $6 million Fannie Mae Multifamily Affordable Housing (MAH) loan to finance the rehabilitation of The Hargrave House, a 113-unit, affordable senior housing development at 111 West 71st Street.

The project is being structured under HPD’s Voluntary Inclusionary Housing (VIH) program, to preserve the units as permanently affordable.

The project is being sponsored by partners Project FIND and JOE NYC, a joint ownership and asset management initiative for non-profit community development corporations that own affordable housing assets.

HPD’s VIH program, which allows the Hargrave House project to sell development rights in exchange for permanently extending the current affordability agreement with HPD that restricts the units to senior citizens at or below 80 percent of Area Median Income.

Project FIND has proposed to use the proceeds from the prospective sale of the density bonus to fund the long-term maintenance and operations of Hargrave House and support the organization’s mission-based work.

Hargrave House is a 13-story development with 113 units located above approximately 3,300 s/f of commercial space.

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