Hudson Valley, New York

CPC was formed in 1974 as a direct response to As it began working in the Hudson Valley, the issues of property abandonment and blight CPC expanded its lending model beyond the that New York City’s neighborhoods were facing preservation and construction of workforce and at the time. The organization, which had built a regulated affordable housing it had focused on successful multifamily housing and neighborhood in New York City. Working with municipalities on revitalization lending model in the city, expanded their most pressing housing challenges, CPC also north in the early 1990s in response to unmet began providing revitalization lending, bringing capital needs in the Hudson Valley and upstate private investment dollars to adaptively reuse or New York. rehabilitate mixed-use commercial properties.

Situated between the economic powerhouse of Today, CPC is recognized in the Hudson Valley New York City and the disinvested post-industrial for its focus on and expertise in downtown cities of upstate New York, the Hudson Valley revitalization, and for conducting Main Street has a wide variety of housing finance challenges. Summits, which convene community stakeholders Comprised of seven counties totaling roughly to collectively tackle housing and economic 5,000 square miles, the region is compact, but development challenges. Since closing its first contains within its borders a diversity of community Hudson Valley loan in 1991, CPC has invested a types, including rural towns with aging stock, total of $1.5 billion, creating and preserving nearly suburbs with affordability challenges, and cities 22,000 units in communities from New Rochelle with distressed commercial cores. and Newburgh to Kingston and Yonkers. BEACON NEW YORK

Beacon in the early 1990s was struggling. available for redevelopment. Dutchess Urban renewal had leveled a number County committed $780,000 in federal of historic properties and the small, HOME funding, which, combined mixed-use buildings that comprise much with $5 million in CPC loans, financed of the city’s Main Street had fallen into the rehabilitation of 26 vacant and disrepair. Redevelopment opportunities dilapidated mixed-use buildings along were limited, and postindustrial the Main Street corridor, and created economic decline and high crime or rehabilitated 100 residential units. rates dampened interest in investment The city’s zoning overhaul, creation of in potential projects. Many of the a historic district and landmark overlay storefronts had been repurposed, some zone, and rehabilitation of the Metro- illegally, into rental housing, making North train station in 2004 amplified traditional economic development an CPC’s investment. New public and even more difficult prospect. private investment followed, including the establishment of the modern art Main Street, Beacon, New York Public-private partnerships were key to museum, Dia:Beacon, which catalyzed the city’s downtown turnaround. Lending significant change in the city. Today, in Beacon at a time when others would Beacon’s Main Street is home to 250+ $30 UNITS CREATED MILLION IN not, CPC worked closely with the city vibrant shops and restaurants, and the OR PRESERVED FUNDING and county to identify subsidy dollars population is growing.

NEW ROCHELLE NEW YORK

New Rochelle was an early, prosperous adaptive reuse, new construction, and New York City bedroom community, but façade improvements. It also provided its downtown began to face problems in technical assistance to streamline the 1950s, when the construction of the architectural review, facilitate building New York State Thruway severed the department review and approval, and city’s residential section from its primary enable small mom-and-pop owners to commercial hub. The regional mall boom participate in the larger-scale plan of the 1970s and 1980s intensified the developed by the city. downtown’s stagnation and decline, thwarting redevelopment efforts. Starting Through strong partnerships with the city in 1994, CPC applied the lessons learned and community leaders, CPC has from its work in Beacon on a much larger invested more than $140 million over scale in New Rochelle. In order to revive time, creating or preserving 800 New Rochelle’s commercial core, CPC residential units in the city’s center. In North Avenue, New Rochelle, New York first targeted the improvement of conjunction with the New Rochelle mixed-use building façades as a means of downtown development plan, which restoring the historic character of the created a simple, streamlined 800 $140 area. In partnership with the recently- development process for developers, UNITS CREATED MILLION IN formed Downtown Business CPC’s financing has helped to bring FUNDING OR PRESERVED Improvement District, CPC created the housing downtown, to restore the city Main Street Redevelopment Loan center’s beautiful architectural detail, and Program to provide flexible capital for to promote a strong commercial base. POUGHKEEPSIE NEW YORK

In a single day in 1994, IBM laid off 7,700 rehabilitation of formerly vacant of the company’s Mid-Hudson Valley buildings and housing for the city’s plant employees – nearly 60 percent of low-income households. These efforts its workforce in the area. The economic also relied on a public-private impact on the region was catastrophic. partnership with Dutchess County, Tax revenue declined and city services which has provided $3.5 million in suffered. As people followed jobs and federal HOME funds to subsidize a retail followed people, Poughkeepsie’s number of the projects. Main Street (a pedestrian mall) struggled to compete with the growing Although many shops on the city’s main number of regional malls that sprang up commercial corridor remain shuttered, outside the city. Poughkeepsie, with the opening of Main Street to vehicular traffic, is now Because Poughkeepsie had a less focused on revitalizing its city center. well-defined downtown than Beacon The Poughkeepsie City Center Cannon Street, Poughkeepsie, New York and double the footprint of New Revitalization Plan has been designed to Rochelle, CPC took a different tie together the central business investment approach. Lending in district, waterfront redevelopment 2000 $120+ UNITS CREATED MILLION IN community pockets across the city efforts, and adaptive reuse projects. OR PRESERVED FUNDING rather than along a specific corridor, CPC continues to invest in CPC worked closely with several key Poughkeepsie, working in partnership developers to bring stabilizing capital with the county’s community to troubled properties. Since making development staff, local nonprofits, and its first Poughkeepsie loan in 1993, area developers to fund transit-oriented CPC has preserved more than 2,000 development projects, vibrant mixed- units with over $120 million in funding. use commercial spaces, and affordable Projects include mixed-use units for low-income residents.

CPC LOANS SINCE 1990

1990-1999 Saugerties 2000-2009 Kingston 2010-2018

Poughkeepsie

Beacon

Newburgh

New Rochelle 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’s impact the Hudson Valley, New York, visit us online or contact your local CPC mortgage officer.

Hudson Valley, New York: Doug Olcott [email protected] 914.747.2570 communityp.com