The Community Preservation Corporation

Real Estate Weekly, Dec 15, 1999

The Community Preservation Corporation (CPC) has provided $2 million to refinance Northgate Manor Senior Housing, an 85-unit townhouse complex located in Goshen (Orange County), NY The 30-year fixed-rate loan, financed at a rate of 7.16 percent, will be sold to Freddie Mac. The complex, housed in three separate two-story buildings, includes a recreation room, office, laundry rooms and parking facilities.

The project was built with a combination of CPC financing, tax credits and HUD funds. At 30 percent below market rate, rents are extremely affordable to low- and moderate-income seniors. All first floor units are accessible to the physically handicapped.