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New Needs in New York City

Throughout its three decades, CPC has adapted to meet changing needs.

As New York City's economy moved from recession to expansion, its housing policies shifted. Abandoned buildings of the 70's became opportunities for new affordable housing. But economic expansion also drove up housing costs, making affordable housing scarce. The City, in collaboration with CPC, developed the Vacant Building Program, (modeled after the PLP), as one of several programs to create new housing. Since the program was launched, over 10,000 homes have been reclaimed.

CPC is continuing to address the shortage of affordable housing in New York City, bolstered by Mayor Bloomberg's housing initiatives for New York City's moderate and middle-income communities To this end, CPC has recently focused on expanding homeownership opportunities in emerging markets.

Nowadays, while it is often still necessary for CPC to continue to utilize City funding, both CPC and other developers are more frequently building without subsidies. This is especially true in Harlem, which is rapidly becoming a mixed-income community, with economic growth shaped by middle-income rentals and condominium sales. While subsidized housing helped stabilize this community, non-subsidized projects are increasing.

Other homeownership projects, mostly unsubsidized, have been approved in a diverse range of neighborhoods - from East Williamsburg and Bushwick to Far Rockaway and Astoria, among others. Project size varies, ranging from the construction of two and three family homes to large condominium complexes.