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Sustainable Lending Mortgage

General Information and Structure

Lender: 
Community Preservation Corporation (CPC)
Lending Type: 
CDFI
Jurisdiction: 
NY, NJ

Permanent financing (or mortgages), NY state pension fund insured, plus multiple Freddie Mac products, for projects that need less extensive retrofits, up to 80% financing with reduced rates

Active or Closed Program?: 
Active
Years Offered: 
2008 - Present
Eligibility Criteria: 
naturally-occurring and subsidized affordable rental and cooperative housing, 5+units
Type of Financing: 
Mini-Permanent/Permanent
Loan Size Range: 
Not specified
Type of Improvements Covered: 
Energy efficiency, water conservation, renewable energy - including but not limited to air sealing/fire stopping; boilers; heating/hot water controls; showerheads, aerators and toilet; ventilation; lighting; energystar appliances; windows and insulation

Financing Details

When is the Product Applicable?: 
Acquisition
Refinancing
Maturity: 
10-30 years
Security: 
Secured - real estate

Results/Impact

Loans Issued Annually: 
20 (estimate)
Loan Volume Annually: 
$200,000,000 (estimate)
Impact : 
Unit Count: 1,850 (FY 16)

Additional Information

Point of Contact: 
Elizabeth Kelly, Manager of Sustainability Programs, Community Preservation Corporation (CPC), ekelly@communityp.com, 646.822.9431
Program Notes: 
Term sheet: http://communityp.com/wp-content/uploads/2016/03/CPC_Sustainability-Underwriting.pdf