CPC, Project FIND, JOE NYC, HPD announce closing of $6M Fannie Mae affordable housing loan

NEW YORK, NY — 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 and preservation of The Hargrave House, a 113-unit, affordable senior housing development located at 111 West 71st St. in Manhattan. The financing will help pay for renovations and upgrades to the property, and because the project is being structured under HPD’s Voluntary Inclusionary Housing (VIH) program, the units will be preserved as permanently affordable. The CPC MAH loan provided an expedited closing process and a product that is tailored to the complexities of the preservation of regulated affordable housing.

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