The Community Preservation Corporation (CPC), a not-for-profit mortgage lender and the New York City Department of Housing Preservation and Development (HPD) have provided a $4,700,764 construction loan for the top-to-bottom rehabilitation of two vacant and one partially occupied residential buildings in the Flatbush section of Brooklyn.
After rehabilitation, the buildings — located at 2516 Newkirk Avenue, 561 Rogers Avenue and 2506 Albemarle Road — will comprise 25 new rental apartments for low and moderate income families.
The three properties were sold to Nayelli Partners, the developer, for $50,000 under HPD’s Third Party Transfer Program, which forecloses on tax delinquent properties and conveys them to qualified third parties for rehabilitation. Nayelli Partners’ principals are Elsie Ortiz, Mike Rooney and Nick DeAcetis. The developers are experienced local builders of affordable housing with a track record of successful projects financed by CPC.
During reconstruction 12 existing tenants will be relocated by the developer. After completion, the three buildings will contain one one-bedroom apartment, 18 two-bedroom apartments and six three-bedroom units. Rents will range from $1,000 to $1,100 per month.
Mary Brennan, CPC senior vice president and regional director, said, “CPC and HPD have a 30-year history of collaborating to provide affordable housing throughout New York City. We frequently participate in the Third Party Transfer Program as a primary lender to create affordable housing. In this transaction, HPD provided most of the mortgage funding.”
To date, CPC has financed almost 150,000 units, representing a total public and private investment of $7 billion.
