LOCAL IMPACT WESTERN NEW YORK

CPC was formed in 1974 as a direct response to the products designed to address the specific housing issues of property abandonment and blight that New challenges of upstate communities, including the York City’s neighborhoods were facing at the time. adaptive reuse of vacant industrial buildings in The organization, which had built a successful downtown urban cores, and the rehabilitation of the multifamily housing and neighborhood revitalization small and workforce rental housing stock throughout lending model in New York City, expanded north in the region. CPC is known in Western New York for its the early 1990s in response to unmet housing capital first-in capital investment approach – lending in needs in the Hudson Valley and upstate New York. communities and neighborhoods where other private-sector players will not, and paving the way for Across upstate New York, the long-vacant factories increased stability and private investment. and warehouses of its largest urban communities are a stark reminder of their industrial heyday – and CPC closed its first loan in Western New York in 1996 subsequent decline. As it began working in and has invested a total of $283 million in the Western New York, CPC expanded its lending intervening years, creating and preserving nearly model beyond the preservation and construction of 4,900 units. The majority of these projects are affordable housing it had focused on in New York located in the most densely populated portion of the City. It developed and deployed tailored capital region, Buffalo and its surrounding communities. BUFFALO NEW YORK

The gateway to the Midwestern steel In 2012-13, the state of New York industry, Buffalo was once one of New launched an ambitious redevelopment York’s strongest economic engines. In initiative for Buffalo. The Buffalo Billion the 1970s, jobs began to vanish as Investment Development Plan was manufacturing moved overseas and designed to fund major projects in the canal shipping became an impractical advanced manufacturing, health and mode of transit. Residents followed, life sciences, and tourism sectors as a leaving Buffalo with the thorny problem means of spurring private investment of suburban sprawl without growth, in the city and its environs. Between along with a limited tax base and few 1997 and 2018, CPC invested over economic opportunities. By the 1990s, $200 million, creating or preserving 27 percent of the city’s residents were 2,400 units across the city, primarily in below the poverty line, and housing, small buildings and mixed-use and while affordable, was largely distressed adaptive reuse projects. As a result of and decaying. CPC entered the Buffalo CPC’s and the state’s investment, and Washington Street, Buffalo market in the late 1990s, focusing on on-the-ground revitalization work by lending in key neighborhoods nonprofit and neighborhood groups (specifically Buffalo’s greater downtown across the city, there is a renewed 2,500+ $200+ and waterfront) in hopes of attracting interest in urban living and Buffalo is UNITS CREATED MILLION IN the additional outside capital needed to now experiencing a resurgence. OR PRESERVED FUNDING stabilize the neighborhoods’ multifamily housing stock.

OLD FIRST WARD BUFFALO

Old First Ward’s early residents, largely With the recent revitalization efforts immigrants from the southwest of on Buffalo’s waterfront, the community Ireland fleeing poverty, and later, the is beginning to reap the benefits of famine, came to Buffalo seeking work tourism, as well as of redevelopment of in the city’s grain and manufacturing its vacant industrial building stock. industries. Surrounded by a combination of canals, the Buffalo CPC’s first investment in the River, Lake Erie, and railroad neighborhood is the 80-unit new infrastructure, the neighborhood construction of Buffalo River Landing. remained ethnically homogeneous and The five-story, mixed-used building is working class for more than five being constructed where the Erie generations. The 1959 opening of the Freight House, a transfer point Saint Lawrence Seaway disrupted the between water and rail shipments, Old First Ward’s economic equilibrium once stood. The original structure and South Street, Buffalo (as it did the city at large); the direct adjoining property were declared a shipping route to the Atlantic Ocean brownfield and required demolition bypassing Buffalo made thousands of and environmental remediation. 80 $14.4 UNITS CREATED MILLION IN the neighborhood’s jobs redundant. OR PRESERVED FUNDING HYDRAULICS/LARKIN BUFFALO

Buffalo’s earliest manufacturing Like the city and sector at large, the district, the Hydraulics/Larkin District, Hydraulics District’s manufacturing takes its name from two sources: the businesses suffered from changing Hydraulic Canal and J.D. Larkin & Co. market forces; by 1943, the canal had Completed in 1828, the canal was a been filled in and J.D. Larkin & Co. private-sector project designed to had declared bankruptcy, leaving a channel water through the neighborhood of shuttered and vacant neighborhood to power the mills and industrial buildings. A decades-long factories that sprang up alongside it. effort to rehabilitate the Hydraulics Founded in 1876, J.D. Larkin & Co. was District started in 2002, when a a soap and toiletry product developer purchased the Larkin manufacturer, which experienced Terminal Warehouse building, and, in enormous success on the basis of its concert with local stakeholders, innovative-for-the-time, direct-to- developed a master revitalization plan consumer distribution model. A for the district. Seneca Street , Buffalo commercial powerhouse, by 1906, J.D. Larkin & Co. had grown from a 500 Seneca Street presented an single factory to a 13-building opportunity to take another of the $28.2 108 complex, with administrative offices neighborhood’s vacant warehouses UNITS CREATED MILLION IN designed by the architect Frank Lloyd and transform it into a large, mixed- OR PRESERVED FUNDING Wright and more than 1,800 employees. use building. Funded by CPC’s investment, the building was converted into 108 apartments affordable to the local workforce and 110,000 square feet of new office and retail space. Today, the building is a vibrant eat-work-live space which houses a number of commercial and retail businesses, including CPC’s Western New York office.

CPC LOANS SINCE 1990 Niagara Falls 1990-1999

2000-2009 Buffalo 2010-2018 Batavia

Jamestown UNCOMMON EXPERTISE. UNMATCHED IMPACT. OUR STRATEGIC FOCUS: At CPC, we believe housing is central to transforming As a mission-driven company, we look for underserved neighborhoods into thriving and vibrant opportunities to finance the creation and communities. Throughout our history, during times of preservation of a diversity of housing types economic crisis and disinvestment, when the risk involved and projects. in lending kept many out of struggling neighborhoods, CPC was there as a consistent and stable source of capital. • Regulated Affordable Housing Since 1974, CPC’s creative financing solutions have supported • Workforce Housing critical projects in neighborhoods across New York State and • Adaptive Reuse & Revitalization Housing beyond, resulting in wide-reaching physical, economic, and • Supportive Housing social impacts that improve communities and people’s lives. • Small Buildings • Sustainability

To learn more about CPC impact in Western New York, visit us online or contact your local CPC mortgage officer.

Western New York: Andrew D'Agostino [email protected] 716.954.8904 communityp.com