2010 Annual Report

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


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


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


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


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.


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

[email protected]

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


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.


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


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

“The Community Preservation Corporation,” “CPC,” “CPC Resources” and the intersecting houses logo are registered trademarks of The Community Preservation Corporation.

CPC Offices

2010 Annual Report

Documents

Transcript of 2010 Annual Report