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October 25, 2011

New York State Pension Fund Investment Provides Affordable Housing in Saratoga Springs and Poughkeepsie


New York State Comptroller Thomas P. DiNapoli announced today that the $147.2 billion New York State Common Retirement Fund (Fund) has partnered with the Community Preservation Corporation (CPC) to invest millions of dollars in affordable housing rehabilitation projects in Saratoga Springs and Poughkeepsie.

"At a time when many people are losing their homes, New York is using the strength of its pension fund to keep people in them," DiNapoli said. "This investment will help to revitalize neighborhoods and provide a healthy return on our investment. When the Fund purchases permanent mortgages, it provides for more affordable housing and helps to rehabilitate deteriorated or obsolete housing units. With this investment, we're doing good for the community and doing well for the Fund."

The CPC is a not-for profit mortgage lender offering construction, rehabilitation and refinancing loans to developers of multifamily housing in communities across New York State. Once a housing development is completed, the Fund provides permanent financing to the developer. These loans are insured by the State of New York Mortgage Agency.

The 192-unit property in Saratoga Springs is located at the Embury Apartments Independent Living Center on Lawrence Street. Under a Buy-Sell Agreement with the CPC, a mortgage of $4,869,000 was closed on August 25.

The 139-unit property in Poughkeepsie is at 26 Cooper Road. A mortgage of $2,996,885 was funded under a Buy-Sell Agreement with the CPC which was closed on August 31.

Since the inception of the Fund's partnership with CPC in 1991, 13,378 units have been completed and 2,591 are in the pipeline. In total, the Fund has committed $700 million to the CPC program and invested $520.9 million in mortgages. In fiscal year 2010-11, the Fund invested in affordable housing in Albany, Dutchess, Erie, Nassau, Onondaga, Rockland, Saratoga, Ulster and Westchester counties.

 

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