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Communities, Commitments, Reinvestments
The Community Preservation Corporation • 2010 Annual Report
The Community Preservation Corporationwww.communityp.com
®
A rendering of the waterfront at the
New Domino looking towards the
Williamsburg Bridge.
2 Domi-Yes
4 CPC Green Financing Initiative
6 Two Critical Options
7 Lending Areas
8 Bronx & Manhattan
9 Brooklyn, Queens, Staten Island & Long Island
10 Hudson Valley
11 Albany & Eastern New York
12 Syracuse, Central New York & Rochester
13 Buffalo & the Southern Tier
14 CPC Resources, Inc.
15 Financials
17 Directors & Officers
18 Regional Staff, Mortgage Committees
19 Participating Institutions
20 CPC Offices
1
FISCAL YEAR PERFORMANCEYearEndedJune30,2010UnlessOtherwiseStated
New Construction and Permanent Loans Closed
CPC,PensionFund&OtherPrivateFunds 198,241,536
PublicFunds 120,411,043
TotalFunds $318,652,579
Permanent Conversion (Dollars)
CPC,PensionFund&OtherPrivateFunds 92,068,029
PublicFunds 48,443,410
Total $140,511,439
At the completion of our 36th year,CPC’sfocusremainson
howtoserveourcommunitiesinthefaceofongoingeconomic
challenges.Amajorpriorityistocloselymonitorandcomplete
thenewandrenovatedhousingwehaveunderconstruction.
Accordingly,wehaverestructuredourbusinesstocloselymonitor
theseprojects,strengtheningourconstructionloanmanagement
withworkflowsoftware,addingadditionalspecialistswhen
neededandpayingparticularattentiontothosenewconstruction
loansoriginallyplannedasfor-saleprojects.Tocompletethese
projects,wehaverestructuredseveralofourloans,working
closelywithavarietyofgovernmentprograms.Somefor-sale
housinghasbeenconvertedtorentals,salepriceshavebeen
adjusted,andallhavebenefitedfromlowerinterestratesand
greateravailabilityofendloansformoderateincomebuyers.
Progresshasbeenmadethisyear
with1,000units,representinginvest-
mentsofover$265millionbeing
completedwiththeseloansrepaid.
WhiledemandforCPC’sfinanced
anddevelopedhousingremains
stronginNewYorkCity,ithasproven
lesssoinsomeupstateareasof
NewYorkandinseveraloftheurban
areasinNewJerseyandConnecticut.
Inthelatterareas,wehavehadto
takereservestooff-setexpectedlosses.Intheendingyear,we
wereabletoabsorballthereservestaken,whileaddingamod-
estincrementtothecompany’sfundbalance.
Ourbusinessinthecomingyearwillfocusonpreservingand
increasingtheefficiencyofexistingaffordablehousing.Muchpri-
vatelyownedandpubliclyassistedhousingisunderstress,given
thecombinationofincreasingrealestateandwaterandsewer
chargesinNewYorkCity,andtheeconomicpressuresresidents
faceregion-wide.Newinvestmentsinabuilding’sinfrastruc-
tureareaconstantrequirementforexistinghousingtoremain
healthy.Inthiscontext,ourenergyefficiencyprogramhasmade
asolidstart,committingalmost$100millionfortherenovation
andretrofittingofalmost3,000units,halfofwhichhavestarted
construction.Wehavedevelopedseveralapproachestofinanc-
ingapartmentbuildingretrofitsandintegratingthemwithother
renovationandfinancingneeds.
ToaccomplishtheseendsCPCwillseektoraiseupto$200
millionforitsthirdequityfund.Itsspecificgoalwillbetopur-
chasedefaultedmultifamilypropertiesandrestorethemtophys-
icalandeconomichealth.Inarecessionaryera,lowerpurchase
pricescaninpart
replacethedecline
inpublicsubsidyto
provideaffordable
housing.
Wewillalsoseek
renewalofour$.5
billionlineofcredit
forconstruction
lending,whichwillalsobedirectedtothepreservationagenda.
However,privatefinancingalonewillnotsolvetheproblemsof
thishousing,butmustworkinconcertwithavarietyofpublic
programsandregulations.InNewYorkState,publicmortgage
insuranceiscrucialasitopensaccesstolongterminvestors,—
ourCityandStatepublicemployee
pensionfunds,sponsoringbanks
andlifeinsurancecompaniesand
others—whichprovidetakeoutsto
ourconstructionloans.
Finally,thezoningapprovals
fortheNewDominoprojectwere
obtainedbyunanimousvoteof
theNewYorkCityCouncilforthe
developmentofthe11.2acresite.
Thedevelopmentwillcontain660
affordableapartments—30%oftheresidentialunits—with
fouracresofparklandstretchinga¼mileontheEastRiverin
Williamsburg,Brooklyn.Wearenowintheprocessofraising
necessaryfundsfortheproject,whichweplantostartabouta
yearfromnow.
WewishtothanktheboardofdirectorsandCPCstafffortheir
supportduringthischallengingandcomplexyear.Everyone
workedextremelyhardtofulfillCPC’scommitmenttoprovidetop
notchaffordablehousingtothecommunitiesweserve.
Sincerely,
Michael Hegarty
Chair(right)
Michael D. Lappin
President&ChiefExecutiveOfficer(left)
3
developmentthatemphasizesopenspaceandpublicaccess,
whilerespectingthesite’sindustrialheritage.Asenvisionedby
thearchitecturefirmBeyerBlinderBelle,thetreatmentofthe
historicRefinerycomplexlocatedatthecenterofthesiterespect-
fullyrestorestheoriginalstructurewhileaddinganappropriately
dramaticaddition.
The11.2acresitesitsatabendintheriverofferingspectacular
viewsofmidtown,lowerManhattan,threebridgesandtheNew
YorkHarborwiththeStatueofLibertybeyond.
TheNewDominoenhancesitsuniquewaterfrontsettingwith
arichsequenceofopenspaces.Attheheartofthedevelop-
ment,frontingtheRefinerycomplexandlocatedatthecenterof
thefiveblocklongcontinuousesplanade,willbealargeopen
lawnfeaturingspectacularviewsoftheskylinethatisexpected
tobecometheSouthsideneighborhood’scentralpublicgathering
place.Theopenspacesweredesignedbylandscapearchitects
QuennellRothschildandPartners.
TheNewDominowillbebuiltovera10-yearperiod,witha
projectedstartingdateattheendof2011ontheuplandportion
ofthesiteeastofKentAvenue.
After nearly six years of planning,
intensivecommunityparticipation,
andhearingsbeforetheNewYorkCityLandmarksPreservation
Commission,BrooklynCommunityBoard1,theBrooklynBorough
President,theCityPlanningCommissionandtheNewYorkCity
Council,theNewDominowasapprovedunanimouslybytheCity
CouncilonJuly29,2010.
Thedramatic$1.5billiondevelopmentontheWilliamsburg
waterfrontwillprovideatotalof2,200apartments,with660
permanentlyaffordableunits.Theprojectalsoprovidesfouracres
ofpublicparks,aquartermilelongriverfrontesplanade,restora-
tionofthelandmarkDominoRefinerycomplexwiththeiconic
DominoSugarsign,100,000squarefeetofcommercialoffice
space,128,000squarefeetofretailspace,147,000squarefeet
ofcommunityfacilityspaceandsignificanteconomicdevelop-
mentopportunities,includinganestimated350constructionjobs
everyyearfor10years,over1,000permanentjobsandacom-
mitmenttoajob-trainingprogramforlocalresidents.
ReachingthismilestonewillenableCPCResources
(CPCR)totranslatetheextraordinaryvisionoftheNew
Dominointoenduringrealitytoservetheresidentsof
Williamsburgandthecity.Thezoningchangeawardedto
theCPCRproject,atpresentthesecond-largestdevel-
opmentinBrooklyn,willallowtheNewDominoto to
proceedwithconstructionin2011.
Throughouttheprocess,CPCRstaffworkeddiligentlywith
manycommunitygroupswhopavedthewayfortheproject’s
successfuljourneythroughthepublicreviewprocess.Hundreds
ofmembersoflocalorganizationsincludingChurchesUnited
Corp.,ChurchesUnitedforFairHousing,Inc.,ElPuente,LosSures,
St.NicksAlliance,andUJCareprovidedunflagginggrassroots
supportfortheNewDomino.
Joiningthislocalsupport,theNewDominoenjoyedhighlevel
endorsementsfromMayorMichaelBloombergandCouncil
SpeakerChristineQuinn,CongresswomanNydiaVelazquez,
CouncilmemberDianaReynaandBrooklynBoroughPresident
MartyMarkowitz.
ArchitectRafaelViñoly’scompellingdesignprovidesaninviting
pathtowardrealizingCPCR’sgoalofopeningupthewaterfrontto
thepublicforthefirsttimein150years.Thedesigntransforms
theabandonedindustrialcomplexintoamixed-useresidential
Celebrating a Successful First Year
Inanefforttomakeexistingmulti-familybuildingsmore
energyefficientandreducetheircarbonfootprint,CPC
launchedasimpleyetinnovativenewlendingprogram,the
GreenFinancingInitiative(GFI),inSeptember2009.Underthis
program,CPCprovidesfinancingtoapropertyownerforthe
acquisitionand/orrefinancingofhisorherpropertyincludinga
comprehensiveenergyretrofitasacomponentofalargerwork
scope.Priortotheinitiationofafullaudit,CPCstaffmembers
willevaluatetheproperty’senergyusageandidentifywaysfor
theownertosavemoneywithretrofit.
UndertheGFI,CPCworkswitheachborrowertoidentify
incentivesforenergysavingssponsoredbyutilitiessuchasCon
EdisonandagencieslikeNewYorkStateHomesandCommunity
Renewal(HCR),whichoffersNewYork’sWeatherization
AssistanceProgram(WAP).
Sincethelaunchofthisexcitinginitiative,nearly1,400units
acrossNewYorkStatehavebeenrenovatedorarecurrently
underrenovationandbeingretrofittedthankstoaprivateinvest-
mentofjustunder$30millionand$18millioninsubsidy.An
additional1,400unitsarecurrentlyinCPC’spipelineforatotal
privateinvestmentofmorethan$38millionandsubsidyinvest-
mentofjustover$20million.
ExamplesofsuccessfulloansclosedunderCPC’sGFIinclude
asix-storybuildingwith35rentalunitsinWashingtonHeights,
whichreceiveda$1.22millionconstructionloanfromCPC
anda$2.3millionParticipationLoanProgram(PLP)construc-
tionloanfromtheNewYorkCityDepartmentofHousingand
Development(HPD)tofinanceupgradedplumbingandelectrical
systemsandinstallationofnewgasrisersandanewroof.The
buildingwillreceivenewlow-Ewindows,ENERGYSTAR®refrig-
eratorsandenergyefficientlighting.Thisloanisunderwritten
withenhancedJ51benefits.
AportfolioofbuildingslocatedintheBronxneighborhood
ofMelrosecomprisingfour-,five-andsix-storybuildingstotal-
ing173units,willbenefitfromCPC’s$6.8millionconstruction
loaninconjunctionwitha$6.6million8AloanfromHPDand
a$597,600NewYorkStateEnergyResearchandDevelopment
Authority(NYSERDA)WeatherizationGrant.Plannedimprove-
mentsincludeelectricalrepair,installationofnewroofsand
windows.
BrooklynpropertiesintheBushwick,Williamsburg,andEast
WilliamsburgsectionsofBrooklynalsoreceivedfinancinginthe
amountof$13.6millionforenergyefficiencyretrofits.Thanksto
theseupgrades,atotalof179residentialunitswillnowbemore
energyefficient.
CPC’sgreeningalsoextendstoUpstatecommunities.CPC’s
Syracuseofficecloseda$2.3milliongreenloanfortherehabili-
tationandrefinancingofa110-unitgardenapartmentcomplex
inLiverpool.TheSyracuseofficealsocompleteda$150,000
loanincreaseforamobilehomeparkpreviouslyfinancedin
Wellsville.Upgradestothemobilehomesincludeasignifi-
cantweatherizationretrofitthankstoCPC’spermanentloan
increaseanda$450,000WeatherizationgrantfromCattaraugus
CommunityDevelopment’sWeatherizationProgram.Inthevery
westernpartofthestate,CPC’sBuffaloofficecloseda$1.84
milliongreenloantofinanceretrofitsfora44-unittownhouse
complexincludingtheinstallationofnewroofs,siding,windows,
stormdoors,andelectricservicepanels,andupgradeofkitch-
ens,bathrooms,andHVACs.
Acentralelementofthegreenprogramistomeasurethe
savingsofretrofitsthroughannualpostauditsofenergyusage.
CPC’sgoalistodemonstratepracticalfinancingmodelsforretrofit
underwritingthatcanbereplicatedbyothermultifamilylenders.
1ANYSERDAenergyauditatthis309-
unitaffordabledevelopmentinupper
Manhattanshowedthatthistwo-tower
complexwouldbenefitfromenergy
retrofits.CPC’sfirstgreenloanbecame
asupplementalco-firstpermanent
mortgagewithanexistingpermanent
loanfromtheNYCpensionfundsof
$4.5millionwhichfundedasignificant
scopeofenergyretrofits.TheStateof
NewYorkMortgageAgency(SONYMA)is
providingmortgageinsurance.Additional
fundingwasreceivedfromNYSERDAand
NYSHomesandCommunityRenewal
(HCR).
2Aportfolioofbuildingslocatedin
theMelroseneighborhoodintheBronx
receivedfinancingunderCPC’sGFIwith
a$6.8millionCPCconstructionloan,
alongwitha$6.6millionPLPloanfrom
HPDanda$597,600Weatherization
grant.Thefour-buildingportfoliototaling
173unitsisslatedtoreceivevaried
energyefficientupgrades.
3Oldwindowsarebeingreplaced
aspartofagutrehabtothisgarden
apartmentcomplexinLiverpool,which
consistsof11buildings,totaling110
rentalunits.Witha$2.3millionCPC
GFIconstructionloanandSONYMA
insuredpensionfundpermanentloan,
thiscomplexwillberefinancedand
rehabilitated.Theprojectalsoincludes
weatherizationfundsandupgradesto
thelightingfixtures.
4Continuingitseffortstogreen
existinghousinginventoryinNewYork
City,CPC’sBrooklynofficecloseditsfirst
GFIloanforanenergy-efficientbuilding
rehabilitationprojectinWilliamsburg.
CPC&HPD’s$6.8millionloanwill
renovate123affordablerentalunits.
Theborrowerisalongtimecommunity
advocate.
1 32
4
52010CPCAnnualReport 4
7
The Importance of Low Income Housing Tax CreditsInatimeofvasteconomicuncertainty,LowIncome
HousingTaxCredits(LIHTC)haveconsistentlyprovidedapracticalfinancingalternativeforthedevelopmentofmulti-familyhousingbyencouragingflourishingpublic-privatepartnerships.AccordingtoNewYorkStateHCR,thisprogramhasbeenprimarilyresponsiblefortheconstructionorrehabofalmost50,000rentalunitsforlow-andmoderate-incomefamiliesandseniorsthroughoutthestate.Nationwide,approximatelyonemillionaffordablerentalhousingunitshavebeenpro-ducedusingLIHTCs.
LIHTCshavebeeneffectivelyusedinconjunctionwithCPCfinancingthroughoutitslendingareas,butmostparticularlyinUpstatecommunitiesforseniorhousing,specialneedshousing,aswellaslow-andmoderate-incomehousing.ThispastyearCPCfinancedtwoHudsonValleyprojectscomprisingan88-unitaffordablerentalinFishkillanda26-unitprojectinHaverstrawaswellasnumerouslow-incomerentalprojectsintheEasternregion.
Thefinancingoftheseimportantmulti-familydevelop-mentsillustrateshowlowincometaxcreditscanassistinthecreationofnecessaryaffordablehousingforourlocalcommunitiesdespitecurrenteconomicconditions.
The Freddie Mac OptionCPChasbeenaFreddieMacloanoriginatorand
servicerfornearly20years,successfullysecuringmorethan$916.5millioninfinancingforourborrowers.
CPC’strainedloanoriginatorsareexpertsatnavigat-ingthecomplexrequirementsthathaverecentlybeenadopted,whichiscriticaltoCPC’ssuccessasa“one-stop-shop”businessmodelforthesecondarymarket.
CPCworkswithanumberofFreddieprograms.TwosuchprogramsincludeFreddieMac’sCapitalMarketsExecution(CME)programandtheirnewCappedARMproductbothofwhichoffergreatsavingsandbetterpricing.CPCrecentlyclosedan$11.5millionpermanentCMEloantorefinancea100-unitcomplexinupstateNewYork.Thisloanwillhavea10-yeartermwitha30-yearamortizationscheduleandtheinterestratewillbefixedforthefulltermofthemortgage.Freddie’sCappedARMProductoffersevengreatersavingssincethetermofthecapisshorterresultinginaconsiderablylowerstartrateandlifetimecap.
CPC’spartnershipwithFreddieMacremainsaresourceformulti-familyhousingdevelopersandinves-torsforfinancingtheacquisition,refinance,andrehabofmulti-familyproperties.CPCisalsoworkingtoadaptFreddieMac’sfinancingproductstoourgreenprogramtotakeadvantageofenhancedpricingandfundingforqualifiedproperties.
Two C
ritica
l Opt
ions
2010CPCAnnualReport 6
1ScatteredsiteswithintheCityof
AlbanyreceivedCPCPensionFund
permanentfinancinginsuredby
SONYMAforthenewconstructionand
gutrehabilitationof52low-income
rentals.Inaddition,theprojectreceived
HTF,HOME,andLowIncomeHousing
TaxCredits.Allunitsareaffordableto
familiesatorbelow50%ofAMI.
2A$2.627millionFreddieMac
permanentloanfinancedtheacquisition
andrefinanceof77low-incomerental
unitsinAtlanticCity.Thefullyoccupied
Section8complexhastenbuildings
designatedforworkingfamilies.CPC
collaboratedcreativelywithHUD,
theborrowerandFreddieMacin
underwritingandclosingthetransaction.
2
1
Lending Areas
QUEENSMANHATTAN
BERGEN
HUDSON
BROOKLYN
ALBANY
ALLEGANY
BRONX
BROOMECATTARAUGUS
CAYUGA
CHEMUNG
CHENANGO
CLINTON
COLUMBIA
CORTLAND
DELAWARE
DUTCHESS
ERIE
ESSEX
FRANKLIN
FULTON
GENESEE
GREENE
HAMILTON
HERKIMER
JEFFERSON
LEWIS
LIVINGSTON
MADISON
MONROE
MONTGOMERY
NASSAU
NIAGARAONEIDA
ONONDAGA
ONTARIO
ORANGE
ORLEANS
OSWEGO
OTSEGO
PUTNAM
ATLANTIC
BURLINGTONCAMDEN
CAPEMAY
CUMBERLAND
ESSEX
GLOUCESTER
HUNTERDON
MERCER
MIDDLESEX
MONMOUTH
MORRIS
OCEAN
PASSAIC
SALEM
SOMERSET
SUSSEX
WARREN
RENSSELAER
ROCKLAND
ST. LAWRENCE
SARATOGA
SCHENECTADY
SCHOHARIE
SCHUYLER
SENECA
STEUBEN
SUFFOLK
SULLIVAN
TIOGA
TOMPKINS
ULSTER
WARREN
WASHINGTON
WAYNE
WESTCHESTER
WYOMING YATES
CHAUTAUQUA
STATENISLAND
UNION
Buffalo & the
Southern Tier
Syracuse, the Central Region& Rochester
Albany &the Eastern
Region
Albany &the Eastern
RegionHudson Valley
NewYorkCity
New Jersey
CPC Lending 2010 $ Invested Units
BuffaloandtheSouthernTier 25,015,000 395
Syracuse,CentralNewYork&Rochester 17,540,000 258
Albany&EasternNewYork 105,083,725 1,718
HudsonValley 33,116,528 330
LongIsland 1,000,000 6
NewJersey 2,627,000 77
Connecticut 440,000 2
NewYorkCity:
Bronx 29,315,381 259
Brooklyn 77,031,899 465
Manhattan 27,083,046 672
Queens 400,000 2
StatenIsland 0 0
Total $318,652,579 4,184
CPC Lending Inception To Date $ Invested Units
BuffaloandtheSouthernTier 290,813,787 7,765
Syracuse,CentralNewYork&Rochester 296,870,802 6,629
Albany&EasternNewYork 557,791,162 10,711
HudsonValley 971,469,526 14,300
LongIsland 148,923,856 1,582
NewJersey 303,620,899 7,126
Connecticut 26,437,000 225
NewYorkCity:
Bronx 1,405,277,586 37,279
Brooklyn 2,054,232,329 24,354
Manhattan 1,164,265,346 21,327
Queens 329,482,498 7,895
StatenIsland 23,083,000 452
Total $7,572,267,791 139,645
9
1CPCprovideda$2.06million
permanentloanaspartofanearly$26
millionfinancingpackageincludingfunds
fromHUD’s203(k)programadministered
byHPD.Theloansaresecuredbya
portfolioof25renovatedbuildings
inBrooklyn’sBushwickneighborhood
containingatotalof100units.
2ACPCconstructionloanof$39.5
millionfinancedanew114-unit
condominiuminBushwick;mid
development,theprojectwas
restructuredasarentalwith$2million
inadditionalequityanda$37.5million
pensionfundtakeoutinsuredby
SONYMA.Priortoconversion,theloan
wasrefinancedbyathirdpartylender,
buttheprojectwouldhavefailedwithout
theflexibilityofCPCandourpartners.
3CPCandHPDprovidedpermanent
financingof$5.178milliontoanot-for-
profittorefinancetheirconstructiondebt
onaportfolioofaffordablebuildings
scatteredthroughParkSlope,CobbleHill
andSunsetPark.TheSONYMAinsured
loanwassoldtotheNYCpension
fund.Theprojectconsistedoffour
buildingswith26apartmentsandfive
commercialspaces.Renovationsinclude
newelectric,heatingsystems,kitchens,
bathrooms,andfloors.
4ThispastSpring,CPCjoinedwithNYC
CouncilSpeakerQuinn,NYCComptroller
Liu,CityandStateaffordablehousing
advocatesandresidentsforthegrand
openingofthisrehabilitatedaffordable
complexinBedfordStuyvesant.Featuring
52units,thisisthearea’sfirstsolar
paneledresidentialapartmentbuilding.
CPCworkedwithanarrayofpartners
includingHPD,theNYCPensionFunds,
HUD,LISC,theNationalEquityFundand
SONYMAtosubstantiallyrehabilitatethis
formerlydistressedbuilding.
Focus on Affordability Inresponsetothemarketdownturn,CPCdeftly
returnedtoitscorelendingstrategyoffocusingontheaffordablerentalmarket.ThisapproachwasevidencedbytheBrooklynoffice’sportfoliooflendingtransactionsforthepastfiscalyear.Aspartoftheoffice’ssubsidizedlendingitfundedseverallargetaxcreditprojects,HPDPLPprojects,andpermanenttakeoutsforlargeHUD203(k)deals.Onthemarketside,theBrooklynofficesupportedCPCborrowersastheysoldofffinishedcondoorfor-saleprojectsatcurrent,moreaffordablemarketprices,orconvertedtorentalbuildingsatrelativelyaffordablerents.
AspartofCPC’ssubsidizedlending,anumberofprojectshavetakenhold.InBushwick,CPCsuccessfullyfinancedaportfolioof15buildingsgutrenovatedunderHUD’s203(k)program,allwithrentalunitsstabilizedatorbelowmarket.AffordablerentalsaregoingupinCrownHeightswithconstructionfinancingof$4.9millionfromCPC,combinedwithcitysubsidyandtaxcreditequity.
Originallyapprovedasacondominium,afive-story,seven-unitpropertyinEastWilliamsburgwasmarketedsuccessfullyasarental.Threenewthree-familyhomesinProspectLeffertsGardenswillberentedtoSection8tenants,withpermanentfinancingfromCPC,ratherthansold.
Brooklyn, Queens, Staten Island & Long Island
2010CPCAnnualReport 8
1A21-storyMitchell-Lamabuilding
inupperManhattanwasoneofthe
firstloanstocloseunderCPC’sGreen
FinancingInitiative(GFI).Collaboration
betweenCPCandtheNYSHousing
FinanceAgency(HFA)pavedtheway
fora$3.4millionpermanentloanto
refinanceandimplementenergyretrofits
complementedbygrantsfromNYSERDA
andtheNYSWeatherizationprogram.
2Thankstoa$2.2millionCPCgreen
loananda$2.89millionPLPconstruction
loanfromtheNYCDepartmentof
HousingPreservationandDevelopment
(HPD),thisfive-story,52-unitrental
buildingonArdenStreetinInwood
(justdownthestreetfromCPC’sfirst
loanwhichclosedin1975)willreceive
moderaterehabilitationandenergy
upgrades.
3InBaychester,atotalof22newly
constructedthree-familyhomesfeaturing
66affordablecondoswerebuiltupon
11formerlyvacantlots.Inadditionto
CPC’sfinancingof$10.5million,subsidy
wasprovidedbytheHousingPartnership
DevelopmentCorporationusingNYS
AffordableHousingCorporation(AHC)
funds.
4Anoccupied35-unitrentalin
WashingtonHeightsreceivedCPCGFI
constructionfinancingof$1.22million
and$2.3millionHPDPLPfinancingto
facilitatevariedenergyretrofitsincluding
Low-Ewindows,aheatcomputerand
ENERGYSTAR®appliances.Theloan
wasunderwrittenwithenhancedJ-51
benefits.
5MoregreeningoftheBronx!A
five-storyrentalapartmentbuilding
locatedintheMelrosesectionreceived
constructionfinancingthroughCPCand
HPD’sPLPProgram.Theloanallowsfora
gutrenovationtoenhancethebuilding’s
energyefficiency.
The Bronx Goes Green!CPC’sBronxofficehastakentheleadingreening
NewYorkCity.ShortlyafterthelaunchofCPC’sGreenFinancingInitiative,theBronxofficeclosedthecom-pany’sfirstgreenloaninHarlemandtheyhavemain-tainedanimpressivepipelineofclosingsanddealseversince.
Tocontinuethismomentum,CPCisworkingcloselywithHPDtorevisitanumberofearlyloanstocarryoutmoderaterenovationsthatincludesustainableretrofitstoloweroperatingcostsintheserentalbuildingswhichwillkeepthemaffordableforthenext30years.
HighlightsofsomeoftheinitialinvestmentsincludethreeprojectsinUpperManhattancomprisinga207-unitlimited-equitycoopdevelopmentwhichreceivedNYSERDAfundingandaweatherizationgranttocomple-mentCPCfinancing,andtwoprojectsthatwilleachreceiveHPDPLPconstructionandpermanentfinancingalongwithagreenretrofit.AlargeportfolioofBronxbuildingswillalsobenefitfromHPDfinancingandaweatherizationgrant.
Formostprojects,financing,subsidiesandascopeofworkareputinplaceafteranenergyaudit.Typicalret-rofitsinclude:efficientcommonarealighting,newLow-Ewindows,roofcavityandexteriorwallinsulation,heatcomputers,efficientboilers,plumbingfixtures,ENERGYSTAR®appliances,low-flowshowerheadsandaerators.
Bron
x & M
anha
ttan
1 2 3
4 5
3
1 2
4
11
1InSenecaFalls,athree-story
apartmentcomplexwith26NYSOffice
ofMentalHealthcertifiedapartmentsfor
individualswithspecialneedsand14
affordablehousingunitshasbeennewly
constructedthankstoa$4.2million
constructionloanfromCPC.
2ACPCpermanentloanof$6.75
millionfinancedan82-unitassisted
livingfacilityintheTownofMalta,
SaratogaCounty.Thefacility,enhanced
bywalkingtrailsandparks,includes16
unitsforindividualsinneedofassisted
livingservicesand16unitsformemory
careresidents.Thedevelopmentispart
ofalargerresidentialcomplexthat
includes150single-familyhomesand
82seniorapartments,alongwiththe
assistedlivingfacility.
3ThesuccessofCPC’spartnership
withFreddieMactofinanceaffordable
housingcontinuedwiththeclosingof
a$10millionFreddieMacpermanent
loantorefinanceanexistingFreddie/
CPCdealforalongtimeborrower.
The320-unitpropertyconsistsof22
buildings,themajorityofwhichhave
beenupgradedwithinthepastseveral
years.OriginatedthroughFreddie’snew
CapitalMarketsExecutionprogram,this
loanclosedin45daysthankstothe
incrediblecoordinationbetweenCPCand
FreddieMac.
4CPCpermanentfinancingof$19.01
millionfinancedHalfmoonHeritage
ApartmentsintheTownofHalfmoon
inSaratogaCounty.PhaseIcomprises
a12-buildingcomplexwith132rental
units.PhaseIIisfor44unitsinfour
buildings.Thenewlyconstructedproject
has176unitsin16buildings.
Albany Works Statewide BuoyedbythesuccessofCPC’songoingpartnership
withFreddieMac,theAlbanyofficecontinuestogener-ateanimpressiveportfolioofdeals.Inthelastfiscalyear,theofficeinvestedthroughFreddieMacmorethan$28millionin686unitsthroughouttheirlendingareaandcontinuedtogenerateahealthypipelineforthenextfiscalyear.Projectsincludedaportfolioofloanswithoneoftheoffice’slongtimeborrowersinfoursepa-ratetransactionstotalingmorethan$16million.AnotherFreddiesuccessis(caption3)a$10millionpermanentloanfora320-unitapartmentcomplexintheCityofAlbany,originatedthroughFreddie’snewCapitalMarketsExecutionprogram.
Also,aroundthestate,theofficecontinuestorespondtotheneedsofthedisabled.Sinceinceptionin2001,CPC’sSpecialNeedsHousingProgram,basedattheAlbanyoffice,hasfinancedmorethan$113millioninhousingandprogramspaceforupwardsof1,300peo-ple.Arecent$1millionloanforaMerrick,LongIslandpropertyrefinancedatwo-storygrouphomeforsixindividualswithDownsyndromeandotherdisabilities.OperationalsupportforthepropertyisprovidedbytheNewYorkStateOfficeforPeoplewithDevelopmentalDisabilities.
Albany & Eastern New York
2010CPCAnnualReport 10
1Therefinanceofa50-unitrental
buildinginYonkerswasmadepossible
withCPCandNYSPensionFundfinancing
of$1.7million.Theborrowerisplanning
tosubstantiallyrenovatethebuilding’s
8,500sftenants’parkinggarage.
2IntheheartoftheVillageofKiryas
Joel,thisnewlyconstructedbuilding
providesservicestoindividualswith
specialneedsthankstoconstructionand
permanentfinancingof$5millionfrom
CPC.
3WithCPCconstructionfinancingof
$3.87millionanda$300,000NYS
PensionFundpermanentloan,a26-unit
affordablehousingcomplexforarea
familiesisbeingconstructedinthe
VillageofHaverstraw.Theprojectalso
receivedLowIncomeHousingTaxCredits
(LIHTCs)andagrantfromtheNYS
HousingTrustFund(HTF).
4An88-unitaffordablerentalfamily
apartmentcomplexwasnewly
constructedinFishkillafterreceivingCPC
financingof$11.2millionanda$5.1
millionNYSPensionFundpermanent
loan.Theprojectalsoreceivedtax
creditsfromHCR.
Small Towns, Big Ideas Thisyear,CPC’sHudsonValleyofficecontinuedits
successfulMainStreetSummitseries,withitsfifthandsixthseminarsinWhitePlainsandPoughkeepsie.Thesefreenetworkingconferencesfeaturelocalindustrypan-elistswhoanalyzethelatestdowntowntrendsandMainStreetredevelopmentthroughouttheregion.CPC’s2010MainStreetSummitsfocusedonenergyefficiencyanditsgreatimpactondowntownbuildings.Theconferenceswereanexcellentplatformformeaningfuldialoguewiththecommunityandeconomicdevelopers,governmentofficials,multifamilybuildingownersandbusinesslead-ersfromthesixNewYorkStatecountiesthatcompriseCPC’sHudsonValleyRegion.
Theseriesbeganin2008tohighlightCPC’srevolu-tionarypartnershipwiththeNewRochelleBusinessImprovementDistrictthatenabledCPCtoinvestmorethan$45millioninabout300unitsofhousingonNewRochelle’sMainStreet,aswellas$500,000infaçadeimprovementsthatleveraged$250,000ingrants.ThegoaloftheSummitseriesistocreatesimilarpartner-shipswithindowntownsthroughouttheregion.
AtupcomingEnergySummitsownersandofficialswilllearnabouttheprogramsavailableintheirareas,hearfromCPC’senergyexpertandlearnfromactualcasestudiesofCPCfinancedenergyretrofits.
Huds
on V
alley
1 2
431 2
43
13
1Thisbeautifullyappointedapartment
withnewfinishesisoneof218new
unitsinPhaseIofEagleRidgeVillage
Apartments,inEvansMills,anarea
primarilyhousingfamiliesstationed
atnearbyFt.DrumArmyinstallation.
AlongwithCPC’s$14millionpermanent
loan,financingandincentiveswere
providedbytheJeffersonCounty
IndustrialDevelopmentAgencyandthe
DevelopmentAuthorityoftheNorth
Country.Thedevelopmentwillbebuiltin
fourphasesandcontain648rentalunits.
2CPCcontinueditsmissionof
strengtheningneighborhoodsthroughout
WesternNYwithits$3.52million
permanentloantotakeoutanexisting
$3.4millionconstructionloanonthis
fullyoccupied33-unittownhouse
apartmentcomplex.Thedevelopment
wasrecentlybuiltinWebster,agrowing
suburbantowneastofRochester.
3ThankstorefinancingfromCPC,
35rentalunitswillreceivemoderate
rehabilitationatCayugaVillage,a
MobileHomeParkinNiagaraFalls.
Approximately50%ofthe350-home
parkisoccupiedbyseniorsonafixed
retirementincomeandapproximately
15%receiveaformofpublicassistance.
4Thisyear,CPCcontinuedits
involvementwiththeBlockbyBlock
Program,a$3millionfundgrant
fromNYSHousingFinancingAgency
specificallyfortheredevelopment
ofBuffalocityhousing.Revolver
constructionfinancingof$580,000
fromCPCinconjunctionwiththeBlock
ByBlockprogramwillmoderately
rehabilitatefiverentalunitsalong19th
StreetonBuffalo’swestside.
Rebuilding Buffalo Block by Block ThelatestdevelopmentintheBlockbyBlockpro-
gramistherehabilitationoffivevacantbuildingsalong19thStreetintheWestSideoftheCityofBuffalowithconstructionandpermanentfinancingfromCPCintheamountof$580,000.CPC’sloaniscomplementedbyadditionalgrantdollarsprovidedthroughtheCityofBuffaloHOMEprogram,aswellastheNewYorkStateAHCprogram.WiththehelpofHomefront,Inc.,anot-for-profitcommunitydevelopmentorganization,thehomesarebeingpurchasedprimarilybytheSudaneseimmigrantpopulationthathassettledinthatneighbor-hood.
BlockbyBlockisarecentlycreatedinitiativetoreha-bilitatedilapidatedfor-salepropertiesontheWestSideofBuffaloandtheMidCityDistrict.Inconjunctionwitha$3milliongrantfromtheNewYorkStateHousingFinanceAgency,CPCisworkingwiththeCityofBuffaloandHomefront,Inc.CPCexpectstofinancetherenova-tionofupto35homesinthesetwoneighborhoods.
M&TBank’sHomebuyersClubhasprovideddownpaymentassistanceaswellas30yearresidentialmortgagesforthreefamilieswhohavesignedpurchasecontractsforthreeofthefivedwellings.Theremainingtwohomesarealreadyundercontract.
Buffalo & the Southern Tier
2010CPCAnnualReport 12
1Thedemandforaffordablemulti-
familypropertiesinCentralNewYork
continuestoincrease.ACPCloanof
$1.03millionwillrefinancethepurchase
andrehabilitationofthispropertyin
Ontario,whichhasfivebuildingsand
29units.Theborrower,whopurchased
thepropertylastyearandcompleted
significantrehabilitations,plans
additionalwork.
2Thisfour-story,masonryrowbuilding
inDowntownSyracusefeaturessixrental
unitsandgroundfloorcommercialspace.
PermanentCPCfinancingwillrefinance
andmoderatelyrehabilitatethisbuilding
withfaçadeimprovements,appliances
andrehabofthecommercialunit.The
loanisSONYMAinsured.
3CPCcontinueditsstrongcontributions
toDowntownSyracuse’srenaissance
withDey’sCentennialPlaza.Builtin
1893,thesitewasonceoccupiedby
DeyBrothersdepartmentstore.A$6.2
millionconstructionloanfinancedthe
acquisitionandconversionofvacant
spaceinthiscelebratedanchorbuilding
into45residentialunitsandcommercial
space.Theprojectalsoreceivedhistoric
taxcreditequityandaRestoreNYGrant.
4Financingof$1.02millionwas
providedbyCPCtorefinancethe
purchaseandrehabilitationofthismulti-
familyapartmentdevelopmentinthe
TownofGreece.Thecomplexconsistsof
sixbuildingswithatotalof24one-and
two-bedroomresidentialunits.
Downtown/Upstate Since2003,CPChasinvested$39millionin16mixed-
useresidentialconversionsinDowntownSyracuse.Thisis25%ofalldowntownunitsand46%ofallnewunits.TheSyracuseofficealsocommitted$12.5millionforanother103unitsinprojectsthisyear.CPChasnowinvested$51millioninrevitalizingDowntownSyracuse;thelargestinvestmentintheareabyasingleentity.
SyracusedirectsCPC’sWeatherizationAssistanceProgram(WAP),a$5milliongrantawardedtoCPCbyNYSHomesandCommunityRenewal(HCR).WithWAP,CPCwillpayforenergy-savingupgradesin1,300afford-ableapartmentsinupstateNewYork.Examplesofthework:replace50yearoldfurnacesandwindows;installinsulation;replaceelectricity-wastinglighting.Residentshavebetterapartments,andfueleconomiesrelievepressureonprojects’stressedoperatingbudgets.
WAPchannelsfederalmoneyfromtheDepartmentofEnergythroughtheState’sHCR.Paperworkchallengeshavenotbeentrivial,butCPCandHCRhavecreatedaprocessthathasmadeCPCagoodbusinesspartnerforbuildingownersandcontractorsdoingweatherizationwork.Thiswillbeamodelforfuturedeliveryofneces-saryrehabassistancetohundredsofthousandsofaging,affordableapartments.
Syra
cuse
&
Cent
ral N
ew Y
ork
1 2 3
41
3
2
4
15
1IntheSoundviewneighborhoodofthe
Bronx,CPCRwillnewlyconstructthree
adjacentdevelopmentstotaling240
units.Eachbuildingwillbeaffordableto
familiesandseniorsearning38%-60%of
AreaMedianIncome.CPCRwasselected
todevelopthesiteafterrespondingto
anRFPco-sponsoredbyHPDandthe
NYCHousingAuthority.Subsidywas
providedbyHCR,HDC,NYSERDAandthe
BronxBoroughPresident’soffice.The
buildingswillbedesignedforSilverLEED
certification.
2-3CPCRpartneredwithaNYCnon-
profitsupportivehousingprovider,to
newlyconstruct260rentalunitsforlow-
to-moderateincomefamilieswithretail
spaceonCity-ownedlandintheSouth
Bronx.HPDissuedanRFPforthesites
andselectedCPCRasthedeveloper.The
$90millionprojectispartofalargerCity
projecttocreate770affordablehousing
unitsinthisarea.Thesitewillbe
designedforLEEDSilvercertificationand
buildingswillbeconstructed“green”to
minimizefutureenergyuse.
4TheLivmorisasuccessful12-story
condominiumintheheartofHarlem
with73spaciousresidencesaswellas
groundfloorretail.Theprojectreceived
fundingfromNYSERDAthroughitsgreen
buildingprogramasitutilizedenergy
efficientlightfixturesandotherenergy
efficientdesignfeatures.Allresidences
areenergyefficient.CPCRdevelopedthe
sitewithseveralotherpartnersincluding
theAfricanMethodistEpiscopalChurch,
whichwillhaveanewspacewithinthe
development.
2010CPCAnnualReport 14
CPC
Reso
urce
s, In
c.
4
For the fiscal year ended June 30, 2010,TheCommunity
PreservationCorporation(CPC)closed$319millioninnewfinancings
in94separatedeals,continuingtofulfillitsmissiontopreserveand
developaffordablehousing.
CPCcontinuedtobeselfsufficientduringtheyear,generating
a$4.1millionsurplusofoperatingrevenuesoverexpenses.Asa
result,theaccumulatedfundbalanceincreasedto$98.1million.CPC’s
financialstrengthenablesittoactasanFHAapprovedlenderandas
aseller/servicerforFannieMaeandFreddieMac,protectingagainst
theriskoflossesonloansheldinitsloanportfolio.
ThefundbalancealsoenablesCPC,throughCPCResources,to
continueprovidingequityinvestmentstopivotallargescaleand
smallscalecommunityprojects.AsofJune2010,CPCRmanagestwo
opportunityfunds,afullycommitted$42.5millionfund(with$5
millionofCPCRequity)anda$93millionfund(with$10millionof
CPCRequity)whichhascommittedabout67%ofitscapital.
Theprimarysourceofoperatingcashcontinuestobeinterest
spreadonconstructionloans,commitmentfeesandservicingfees.
Theservicingportfolioasofthefiscalyearendwasapproximately
$3.4billion.
CPC’sdirectinvestmentinpermanentandconstructionloansat
yearendwas$59.7millionand$451.6million,respectively.CPChas
arevolvingcreditagreementwithcertainmemberbankswhereby
itcanborrowupto$518milliontofinanceconstructionloansand
warehousedpermanentloans.
Overits36-yearhistory,CPChasprovided$7.6billioninpublic
andprivatedebttoourlow-andmoderate-incomemarkets,
establishingitasareliablelendingpartnerforpropertyownersanda
dependableresourceforpublicandprivateredevelopmentefforts.
AcompletecopyoftheCorporation’sAuditedFinancialStatements
willbefurnisheduponwrittenrequest.
Writtenrequestsshouldbemailedoremailedto:
RonaldSchiferl
ChiefFinancialOfficer
TheCommunityPreservationCorporation
28East28thStreet
NewYork,NY10016
A Vital Force in Community Redevelopment Buildingonitsown,andwithfor-profitandnon-profit
developers,CPCRspecializesinnavigatingtheintricaciesofCity,State,andFederalGovernmenthousingsubsidies,touseinconjunctionwithprivatecapitaltocreateafford-ablehousingacrosstheincomespectrum.Sinceitsincep-tion,CPCRhasdevelopedmorethan15,000homes.
ItsnewestdevelopmentisMelroseCommonsNorth,whichwillbeconstructedinpartnershipwithTheBriarwoodOrganization,aQueens-baseddeveloper,andTheBridge,aNewYorkCitynon-profitproviderofsup-portivehousing.DesignedforLEEDSilvercertification,Melrosewillofferlow-to-moderateincomerentalapart-mentsonCity-ownedlandintheSouthBronx.TogetherwiththedevelopmentofitsSoundviewprojectnearby,whereCPCRwillbedevelopingmixedincomehousingonanunderutilizedHousingAuthoritysite,CPCR’seffortswilladd500newunitsof“green”affordablehousingintheBronx.
CPCR’ssuccessfulacquisitionandrenovationofRiverdale-OsborneApartmentsinBrooklynledtoauniquepartnershipwithCatholicCharities,whichinturnevolvedintoamulti-yearprogramtoredevelopformerschoolsandchurchbuildingsownedbytheDioceseintoaffordablehousing.Thefirstproject,OurLadyofLoretoinEastNewYork,willbreakgroundbyyearend.
1 2 3
Thisvacant,eight-unit,mixed-use
buildingontheLowerEastSidewas
renovatedbyanestablishednot-for-profit
developer,AsianAmericansforEquality,
withconstructionandpermanent
financingprovidedbyCPCandHPD
throughHPD’sThirdPartyTransfer
Program.
2010CPCAnnualReport 16 17
The Community Preservation Corporation and Subsidiaries FINANCIAL HIGHLIGHTSConsolidatedBalanceSheets($000s)asofJune30,2010&2009
Assets 2010 2009
InvestmentinFirstMortgageLoans,Net $1,288,534$1,351,635CashandCashEquivalents: Unrestricted 2,794 10,490 Restricted 124,670 136,268AccruedInterestandOtherReceivables 23,970 21,863PropertiesUnderDevelopment 136,517 122,953OtherAssets,Net 93,173 77,376
Total Assets $1,669,658 $1,720,585
Liabilities, Fund Balance and Noncontrolling Interests
NotesandParticipationsPayable 1,283,128 1,314,609DepositsandOtherLiabilities 274,887 298,193
Total Liabilities 1,558,015 1,612,801 FundBalance 98,077 94,010NoncontrollingInterests 13,566 13,774
Total Liabilities, Fund Balance and Noncontrolling Interests $1,669,658 $1,720,585
ConsolidatedStatementofRevenues,PublicSupportandExpenses($000s)FortheYearsEndedJune30,2010&2009
Revenues and Public Support 2010 2009
InterestIncome $56,637 $59,873ServicingFeeIncome 8,850 8,145CommitmentFeeIncome 4,372 4,039OtherIncome 20,764 13,453PublicSupport 59 31
Total Revenues and Public Support 90,682 85,541
Expenses
InterestExpense 39,011 45,539ProvisionforLoanLosses 10,000 7,469EmployeeCompensationandBenefits 24,871 22,188DepreciationandAmortization 1,114 753OperatingExpenses 9,957 12,420
Total Expenses 84,953 88,369 ExcessofRevenuesandPublicSupport OverExpensesbeforeGainfrom adoptionoffairvalueaccounting forinvestmentinParkchester 5,729 (2,828)GainfromadoptionoffairvalueaccountingforinvestmentinParkchester,netofrelatedincometaxes&deferredcompensationexpense - 26,182 ExcessofRevenuesandPublic SupportOverExpensesbefore IncomeTax(provision)benefit 5,729 23,354IncomeTax(provision)benefit (1,662) 3,023
Excess of Revenues and Public Support over Expenses $4,067 $26,377
1CPCRiscontinuingtochangethe
landscapeofDowntownSpringValley
with53recentlyconstructedaffordable
seniorapartmentsand11,000sfof
streetlevelretailspace(left).Thenew
constructionof55affordablemulti-family
unitsand7,000sfofcommercialspace
(right)isslatedforcompletioninSpring
2012.Developedthroughapartnership
betweenCPCResourcesandRockland
HousingActionCoalition,bothprojects
arepartoftheVillage’sinnovativeurban
renewalplantorestorethedowntown
area.Todate,CPCRhasinvesteda
totalof$31millioninSpringValley’s
Downtown.
2AlongtermCPCborrowerwas
awardedascatteredsiteofsixbuildings
throughNYCHPD’sThirdPartyTransfer
Program.A$5.7millionloanfromCPC
andHPDisfundingtherenovationof
37residentialunitsand3commercial
spacesinBedfordStuyvesantand
Brownsville.
BOARD OF DIRECTORS
MichaelHegarty*ChairSeniorAdvisorCCMPCapitalAdvisors,LLC
RichardC.DeZegoSeniorExecutiveVicePresidentHSBCBankUSA
GeorgeL.Engelke,Jr.*Chairman&CEOAstoriaFederalSavings&LoanAssociation
ThomasGarbuttManagingDirectorHeadofGlobalRealEstateTIAA-CREF
ToddA.GomezSeniorVicePresident BankofAmerica
RichardM.Gunthel*ManagingPrincipalTrueNorthManagementGroup
AlexanderB.V.JohnsonManagingDirector DeutscheBank
MichaelD.Lappin*President&CEO TheCommunityPreservationCorporation
PhilipL.Milstein*Principal OgdenCAPPropertiesLLC
RobertJ.Mueller(ret.)SeniorExecutiveVicePresidentTheBankofNewYork
GregoryR.ReimersREB,MarketManagerJPMorganChaseBank
ArthurH.Seter,CFASeniorVicePresident&DeputyChiefInvestmentOfficerNewYorkLifeInsuranceCompany
JohnSomers(ret.)ExecutiveVicePresidentTIAA-CREF
CPC Resources, Inc.
D.KennethPatton(ret.)DeanofRealEstateNewYorkUniversityRealEstateInstitute
RonaldF.PoePresidentRonaldF.Poe&Associates
MichaelJ.Wechsler(ret.)ManagingDirector/CenterlineFinancialCenterlineCapitalGroup
*CPCResourcesBoardMembers
OFFICERS & STAFF
MichaelD.LappinPresident&ChiefExecutiveOfficer
Corporate Headquarters
Operations
JohnM.McCarthyExecutiveVicePresidentChiefOperatingOfficer
CarolynAuSeniorVicePresidentDirectorofClosings
MelanieCroccoAssistantVicePresidentClosings
KevinDaltonAssistantVicePresidentClosings
OksanaGaberAssistantVicePresidentServicing
ErikaLakeVicePresidentDirectorofFacilities
DiannaLookSeniorVicePresidentDirectorofLoanServicing
AnthonyMartinoAssistantVicePresidentClosings
SusanMcClureVicePresidentSolutions&Delivery
ChristopherO’KeefeVicePresidentChiefInformationOfficer
ClareSweeneyVicePresidentInformationManagement
Office of the CEO
BarbaraBaerVicePresidentGovernmentalAffairs
TheresaCrottyAssistantVicePresidentAssistanttothePresident
SusanM.PollockSeniorVicePresidentSeniorProjectManagerTheNewDomino
Secondary Markets
ChristopherHookeVicePresident&DirectorFreddieMacandFannieMaeProgram
Human Resources
AliceDunnSeniorVicePresidentDirectorofHumanResources
CeceliaDoyleVicePresidentHumanResources
Finance & Accounting
RonaldW.SchiferlVicePresidentChiefFinancialOfficer
RichardBonvicinoVicePresidentController
NicoleChapinsDirectorofAccounting
ThomasMcGrathSeniorVicePresidentDirectorofInvestorRelations
Legal
RichardA.KumroVicePresident,GeneralCounselandSecretary
AndreaGladstoneAssociateCounsel
HeleneS.RudolphVicePresidentDeputyGeneralCounsel
Communications
BrendaRatliffVicePresidentCommunications
LisaAldapeAssistantVicePresidentCommunications
CPC Resources, Inc.
KathleenA.DunnExecutiveVicePresidentDirectorofDevelopment
WilliamBurkeSeniorVicePresidentDirectorofDesignandConstruction
MaryE.EnrightSeniorVicePresidentAssetManagement
IsaacHendersonVicePresidentProjectManager
BarryS.LightVicePresidentDirectorofConstruction
KathyMurphyVicePresidentDirectorofRealEstateOwnedProperties
JamesP.MillardAssistantVicePresidentProjectManager
DeborahWiderkehrVicePresidentProjectManager
Mortgage Operations
MaryBrennanSeniorVicePresidentDirectorofFieldOffices
JackGreeneSeniorVicePresidentChiefCreditOfficer
RoseBrowneSeniorVicePresidentSmallBuildingLoanProgram
AndrewPadianVicePresidentEnergyInitiatives
1
2
2010CPCAnnualReport 18 19
NEW YORKBronx & Manhattan
BruceDaleSeniorVicePresidentRegionalDirector
RichardP.ConleySeniorVicePresidentMortgageOfficer
CarolineAraujoAssistantMortgageOfficer
DanielMarksCohenMortgageOfficer
MichaelLambertMortgageOfficer
AndrewGiglioMortgageOfficer
NancyGonzalezAssistantMortgageOfficer
Brooklyn, Queens, Staten Island & Long Island
RobertRiggsSeniorVicePresidentRegionalDirector
PatFigueroaMortgageAnalyst
RemaJenkinsAssistantMortgageOfficer
DanielleMcCombsNeighborhoodMortgageOfficer
AnitaPinsSeniorVicePresidentMortgageOfficer
DanielJ.WheelerVicePresidentMortgageOfficer
Hudson Valley
SadieMcKeownSeniorVicePresidentRegionalDirector
NancyFeeleyMortgageOfficer
CathyAnnNicholsonMortgageOfficer
DouglasL.OlcottSeniorVicePresidentMortgageOfficer
MaryS.PadenVicePresidentMortgageOfficer
Albany & Eastern New York
ChristopherBettsSeniorVicePresidentRegionalDirector
LynnBradleyVicePresidentMortgageOfficer
TracyConleyAssistantMortgageOfficer
PatrickMillerAssistantMortgageOfficer
Syracuse, Central New York & Rochester
NicholasV.Petragnani,Jr.VicePresidentRegionalDirector
AndrewJ.D’AgostinoAssistantVicePresidentMortgageOfficerDirector,WeatherizationAssistanceProgram
FayeF.LaRockAssistantMortgageOfficer
PaulThompsonConstructionManagerWeatherizationAssistanceProgram
Buffalo & the Southern Tier
JamesRykowskiVicePresidentRegionalDirector
LaurieO’ConnellAssistantMortgageOfficer
JamesRudroffMortgageOfficer
New Jersey
AnnemarieC.UebbingVicePresidentRegionalDirector
JoanGauerNeighborhoodMortgageOfficer
New York City
JimJ.BaekVicePresidentDeutscheBank
ErnestFair,Jr.DirectorTIAA-CREF
CharlesA.GatewoodSeniorVicePresidentJPMorganChaseCommunityDevelopment
MichaelD.LappinPresident&CEOTheCommunityPreservationCorporation
DuaneR.MuttiSeniorVicePresidentWachoviaBank
RobinThompsonSeniorVicePresidentAppleBankforSavings
GavinWellingtonFirstVicePresidentHSBCBankUSA
Hudson Valley
JamesBason(Chair)SeniorVicePresident&ChiefLendingOfficerCarverFederalSavingsBank
RogerB.BraxtonSecondVicePresidentNewYorkLifeInsuranceCompany
WilliamJ.ButlerSeniorVicePresidentRBSCitizens,N.A.
StephenG.DormerExecutiveVicePresident&ChiefLendingOfficerProvidentBank
RobinGallagherSeniorVicePresidentWebsterBank
JackGreeneSeniorVicePresidentTheCommunityPreservationCorporation
CharlesJ.LaGattuta,Jr.SeniorVicePresidentWellsFargoBank
JamesA.MartinExecutiveVicePresident&SeniorLendingOfficerPutnamCountySavingsBank
WilliamF.MelcherVicePresidentTDBanknorth,N.A.
Albany & Eastern New York
NormanV.Nichols(Chair)SeniorVicePresident&ChiefCreditOfficerKeyBankRealEstateCapital
BrianD.BordenVicePresidentNBTBank
NeilE.HannanVicePresidentFirstNiagaraBank
ScottH.HoughtalingSeniorVicePresidentRBSCitizens,N.A.
Syracuse, Central New York & Rochester
KathyL.Davis(Chair)SeniorVicePresidentAllianceBank,N.A.
CraigJ.BurtonFirstVicePresidentCommercialRealEstateFirstNiagaraBank
RichardW.DriscollVicePresidentCommercialRealEstateM&TBank
JamesM.Hamer,Sr.AssistantVicePresidentRomeSavingsBank
StephenOsborneVicePresidentCommercialLendingFultonSavingsBank
R.ScottSchmidVicePresidentJPMorganChaseBank,N.A.
RonaldTascarellaSeniorVicePresidentChiefCreditOfficerPathfinderBank
Buffalo, Rochester & Western New York
TerryBertram(Chair)President&CEOMapleCitySavingsBank,FSB
MichaelS.AnthonyVicePresidentM&TBank
G.GaryBernerExecutiveVicePresidentCommercialRealEstateFirstNiagaraBank
StephenL.BojdakVicePresidentCommercialLoanOfficerEvansBank
CatherineBranieckiVicePresidentCRAComplianceManagerKeyBank,N.A.
DavidWarrenVicePresidentChiefCommercialLendingOfficerLakeShoreSavingsBank
New Jersey
JamesP.MeickeVicePresidentCapitalOneBank
AlvaroOrtizVicePresidentBancoPopularNorthAmerica
RobertA.ReinhardtVicePresidentMerrillLynchCommunityDevelopmentCompany
Banks&SavingsInstitutionsAllianceBankN.A.AmalgamatedBankAppleBankforSavingsAstoriaFederalSavingsandLoanAssociationAtlanticBankofNewYorkBallstonSpaNationalBankBancoPopularNorthAmericaBankofAmericaTheBankofGreeneCountyTheBankofNewYorkMellonBankofTokyo-MitsubishiTrustCompanyBPDBankTheCanandaiguaNationalBank&TrustCompanyCapitalBank&TrustCompanyCapitalOneBankCarverFederalSavingsBank
CathayBankChinatrustBank(U.S.A.)Citibank,N.A.CityNationalBankofNewJerseyCountryBankDeutscheBankTrustCompanyAmericasTheDimeSavingsBankofWilliamsburghElmiraSavingsBank,FSBEmigrantSavingsBankEvansBank,N.A.FairportSavingsBankTheFirstNationalBankofJeffersonvilleFirstNiagaraBankFirstRepublicBankFlushingSavingsBank,FSBFultonSavingsBankHSBCBankUSAJPMorganChaseBankKeyBankNationalAssociationLakeShoreSavings&LoanAssociationManufacturers&TradersTrustCompanyMapleCitySavingsBank,FSBMerrillLynchCommunityDevelopmentCompanyMizuhoCorporateBank(USA)ModernBank,NANBTBank,NANewYorkCommunityBankTheNorthCountrySavingsBankOrangeCountyTrustCompanyPathFinderBankPioneerSavingsBankPNCBank,N.A.ProvidentBankPutnamCountySavingsBankRBSCitizens,N.A.RidgewoodSavingsBankRomeSavingsBankSignatureBankSolvayBankSovereignBank
SterlingNationalBankTDBank,N.A.TDBanknorth,N.A.TDBankUSA,N.A.ValleyNationalBankWachoviaBank,NationalAssociationWaldenSavingsBankWebsterBank,NationalAssociationWellsFargoBank,NA
InsuranceCompaniesAXAEquitableLifeInsuranceCompanyTheGuardianLifeInsuranceCompanyofAmericaMetropolitanLifeInsuranceCompanyNewYorkLifeInsuranceCompanyTIAA-CREF
AdditionalInvestorsChurchofSt.RaymondFannieMaeFreddieMacTheNewYorkCityBoardofEducationRetirementSystemTheNewYorkCityEmployees’RetirementSystemTheNewYorkCityFireDepartmentPensionFundTheNewYorkCityPolicePensionFundNewYorkStateCommonRetirementFundPensionFundoftheUnitedMethodistChurchTheTeachers’RetirementSystemoftheCityofNewYork
Fivenewtwo-familyhomesalongaone
blocksectionofSouthNinthStreetinthe
NorthWardofNewarkwereconstructed
duetoastrongpartnershipbetween
CPCandTheNJHousingandMortgage
FinanceAgency(NJHMFA).Theproperties,
whicharepartofalargervacantland
andbuildingplan,receivedconstruction
financingof$1.214millionfromCPC
andNJHMFA.Homessoldforaslittle
as$126,000foralow-incomefamily
andupto$250,000formiddleincome
households.
Participating InstitutionsOffic
ers &
Reg
ional
Staf
f
212010CPCAnnualReport 20
Thisexcitingaffordablehousing
developmentinBrownsvillehas
beendevelopedbyCPCResources
inpartnershipwithEastBrooklyn
Congregations,HPD&HDC.Builton
formerHPD-ownedland,13four-story
apartmentbuildingsfeaturing103units
wereconstructedusingCPCR’sunique
InfillHousingModel–acreatively
designedbuildingtypewhichprovides
qualityhousingataffordableprices.
TheprojectalsoreceivedLowIncome
HousingTaxCredits.
HEADQUARTERS28 East 28th StreetNew York, NY 10016(212) 869-5300(212) 683-0694 Fax
NEW YORKBronx/Manhattan3154 Albany CrescentBronx, NY 10463(718) 601-6600(718) 543-3437 Fax
Brooklyn/Queens/ Staten Island/ Long Island188 Montague Street9th FloorBrooklyn, NY 11201(718) 522-3900(718) 522-3047 Fax
Hudson Valley/Connecticut245 Saw Mill River Road Hawthorne, NY 10532(914) 747-2570(914) 747-2587 Fax
Albany & Eastern New York54 State Street2nd FloorAlbany, NY 12207(518) 463-1776(518) 463-1636 Fax
Syracuse, Central New York & Rochester315 North Clinton Street Syracuse, NY 13202(315) 476-3173(315) 476-3975 Fax
Buffalo & the Southern Tier50 Fountain PlazaSuite 1370Buffalo, NY 14202(716) 853-0266(716) 853-0269 Fax
Design: Jill Singer GraphicsEditing: Linden Alschuler & Kaplan, Brenda Ratliff, Lisa AldapePhotography: Ronald L. GlassmanPrinting: Dolce Printing
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