Who We Are > CPC History

Working with Government

One of CPC's top priorities is working with government to create an environment that fosters large- scale housing preservation and redevelopment. This includes programs for real estate tax abatement and exemption, and rent restructuring, as well as a variety of public subsidy programs. Such programs have enabled massive amounts of private investment to support renovation of older, yet salvageable, moderate-income housing.

One example is the Participation Loan Program (PLP) administered by New York City's Department of Housing Preservation and Development (HPD). Under PLP, loans of government money are made to a developer or owner at a 1% interest rate, to be combined with private, market-rate financing to produce a substantial loan amount at a low blended rate. The PLP program made possible the renovation of thousands of deteriorating apartments without displacing the existing tenants. This program was recently expanded to create 3% financing for new construction projects.

CPC has also participated in the Third Party Transfer program, designed to avoid taking tax delinquent properties into city-ownership. Instead, under this program, properties are renovated and moved quickly to new, responsible building owners. This program has resulted in 38 loans, comprising 1,001 affordable apartments, with a total CPC/HPD combined investment of $93.99 million.

CPC also plays an active role in influencing public policy. This includes influencing lead abatement regulations, reasonable water and sewer charges, and recent changes in the 421a tax exemption program.