SPEAKER CHRISTINE C. QUINN JOINS CPC, BSDC AND PARTNERS TO UNVEIL BED-STUY’S FIRST SOLAR PANELED RESIDENTIAL APARTMENT BUILDING

Joshua Court Transformed Into a Safe, Beautiful Place to Live Thanks to $8.3 Million Construction and $5.68 Million Permanent Financing Loan by CPC & HPD

Brooklyn, NY, July 13, 2010 – The Community Preservation Corporation (CPC) and Bridge Street Development Corporation (BSDC) were joined by New York City Council Speaker Christine C. Quinn, New York City Comptroller John Liu, New York City Councilmember Albert Vann, housing officials and proud residents for the grand opening of the newly renovated and rehabilitated Joshua Court apartment complex in the Bedford Stuyvesant neighborhood of Brooklyn. The six-story, 52-unit development, located at 300 Putnam Avenue between Marcy and Nostrand Avenues underwent significant renovations and is the first solar paneled residential apartment complex in the area.

“I am thrilled to see this building and residents have a second chance at life,” Speaker Quinn said. “Today’s announcement marks another great step forward in providing New Yorkers with more solutions for affordable housing. As families continue to struggle during this economic downturn, we realize that the City’s housing options can seem daunting and incredibly out of reach. With preservation projects, like Joshua Court, we’re proud to witness the transfer of a very troubled and neglected property to responsible ownership that is overseeing its rehabilitation into a clean, safe, and stable energy efficient building, giving residents a place they can call home. I’m proud to say the Council provided $3.5 million for Joshua Court, which has transformed into a beautiful, green, six-story, 52-unit residential building. I want to thank Commissioner Rafael E. Cestero, HUD Deputy Regional Administrator, JoAnna Aniello and HUD Secretary Shaun Donovan and I look forward to working with them on ensuring that all recipients of Council funding will rehabilitate properties that will be as impressive a turnaround as Joshua Court.”
“We are pleased to play a role in the transformation of lives and the improvement of the quality of life for all of the residents on this block,” says Rhonda A. Lewis, BSDC President & Chief Executive Officer. “When BSDC took over the building in September of 2006, the residents had no heat, hot water or cooking gas for an entire year,” she said. “The elevator and the trash incinerator did not work. The tenants and the residents on the block often felt anxious, distressed and voiceless. The building was a major source of blight, and it reduced the overall quality of life for homeowners on the block. Today, Joshua Court has emerged proudly like a phoenix rising from the ashes -- as the first multifamily building in Bedford Stuyvesant to have rooftop solar panels.”

The building also boasts beautifully renovated studios to four bedroom apartments with hardwood floors; a green garden oasis; underground parking and other amenities for its residents. “Overall the green installations will reduce building utility costs and offer tenants more effective and efficient use of their spaces and an opportunity to be environmentally responsible,” said Ms. Lewis.

“Transforming this once-deteriorated apartment complex not only into a beautiful place for families to call home, but into an environmentally friendly and economically sensible building is no small feat and we applaud Bridge Street Development Corporation for this tremendous undertaking,” said Michael Lappin, President and CEO of The Community Preservation Corporation. “We are proud to work once again with HPD to make this project a reality and we look forward to continuing our mission of providing affordable housing options to New York City’s families.”

Construction financing of $8,332,968 and permanent financing of $5,679,385 for this project was provided by CPC, HPD, and the NYC Pension Funds. CPC joined with an array of partners including HUD, LISC, the National Equity Fund and SONYMA to substantially rehabilitate this formerly distressed building.

An abstract limestone sculpture, Sanjo by artist Bradford Graves and donated by JPMorgan Chase, enhances the garden. A Japanese gazebo and drought-resistant plants in the Joshua Court garden reflect the building’s eco-friendly theme. Green features include -- in addition to the solar panels -- Energy Star-Related appliances, energy-conserving motion-activated lighting, energy-efficient windows and air conditioners. The apartments also boast all new kitchen appliances, tiled bathrooms, and ample closet space. A community room with computers is located in the basement.

The rent at 300 Joshua Court on Putnam is 30% of income, regardless of family and apartment size.

The Community Preservation Corporation is a not-for-profit mortgage lender that finances residential multifamily development throughout New York, New Jersey and Connecticut. Since its founding in 1974, CPC has invested more than $7 billion in nearly 137,000 units of housing.