August 13, 2019
Lured by Visions of Real Estate Profits...
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To the Editor:
“Lured by Visions of Real Estate Profits, Nonprofit Group Stumbled” (news article, March 15) suggested that the Community Preservation Corporation “strayed” from its mission by providing “luxury” housing. This is not so.
In building and preserving more than 147,000 housing units during its 37-year history, C.P.C. took many risks to support the varied and changing needs of the communities it serves — rebuilding deteriorated low- and moderate-income neighborhoods in New York City, revitalizing downtowns in upstate New York, stabilizing failing middle-income cooperatives, creating “workforce” housing — hardly “luxury” — for middle-income families, and restoring the 12,271-unit housing complex at Parkchester.
During the 1990s, as new housing units in New York City failed to keep pace with the population increase, building “workforce” housing for families earning between $90,000 and $130,000 became an important part of the city and state’s housing agenda, as it did for C.P.C.
C.P.C. provided such housing without using public subsidies by financing condominium buildings whose average projected sales price was affordable to households earning in the above income range.
C.P.C., like all residential lenders, was affected by the depth of the recession. For the first time it experienced significant losses, which, I believe, it has so far absorbed with its own resources.
C.P.C. has been an extraordinarily productive and important vehicle for affordable housing. I expect that it will build on this legacy and play a central role in creating affordable housing in the years ahead.
The writer is a former president of Community Preservation Corporation and C.P.C. Resources.
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