CPC RESOURCES, INC.

CPC Resources, Inc. (CPCR) is a for-profit subsidiary of The Community Preservation Corporation (CPC). It was created in 1992 to develop affordable housing in underserved communities throughout New York and New Jersey.

CPCR intervenes directly to save vital community properties, and invests to catalyze development in up and coming neighborhoods. It often partners with local developers, non-profits and community groups on new or renovation projects.

To date CPCR has developed or preserved over 7, 000 units of affordable housing, with an additional 500 units in construction and 1, 400 units in pre-development. Projects range from the decade-long revitalization of the 12, 271-unit Parkchester complex in The Bronx to the renovation and new construction of small residential properties in Harlem.

With special expertise and deep experience in complex financing strategies and government assistance programs, CPCR delivers projects that are on time and under budget.

Two equity funds, Opportunity Funds I and II, have been created to finance CPCR developments. Several of the nation's leading financial institutions participate in these funds.

To date, the funds have invested more than $70 million in capital, leveraging more than $265 million in 26 rental, condominium and mixed-use projects.

CPCR also draws on its extensive track record to serve local governments, nonprofits, and local developers in a consulting capacity.

CPCR's largest undertaking is the successful $250 million redevelopment of the 12, 271 unit Parkchester complex in The Bronx. This 65-year-old complex, a linchpin of its community, had fallen on hard times and its antiquated electrical and plumbing systems were deteriorating when CPCR intervened. The turnaround has been remarkable.

Renovation and revitalization of the 12, 271-unit Parkchester condominium, a visionary ten year undertaking, is CPC Resources’ greatest effort to date.

Today, Parkchester is thriving. Both condominiums are seeing substantial increases in apartment values and in overall quality of life. Prices have increased from $22, 000 to $85, 000 for one-bedroom units and from $35, 000 to $135, 000 for two-bedroom units. A new community center with a health center and a swimming pool is to begin construction in 2006. A new wave of moderate and middle-income homeowners is once again finding Parkchester an appealing and affordable place to live. It is a success story that defines CPCR’s…