Guidance for multifamily investors
The Community Preservation Corporation has released a free financing guide for small multifamily building projects.
Thomas Mcgrath, senior vice president and director of upstate revitalization at CPC, announced the launch during a panel discussion Tuesday about the importance of small multifamily properties in upstate. He was joined by Michael Skrebutenas, vice president and regional director of CPC’S Albany office; Patrick Chiou, CEO of Chiou Development Group, who is developing 800-806 Broadway; Darren Scott, upstate east director of development for New York state Homes and Community Renewal; and Adam Zaranko, executive director of Albany County Land Bank.
The guide is available for download at communityp.com.
“Small rental properties are the backbone of communities large and small, and play a critical role in providing housing that’s affordable to families at a diverse range of incomes,” Mcgrath said. “Small building projects are a practical first step for new owners interested in growing their real estate experience, but unfortunately there aren’t a lot of reliable resources to guide people through what can be a daunting process. The Start Small guide brings CPC’S four decades of experience in financing small rental properties to owners of all levels who are looking for clear and concise information on best-practices for acquisition, refinancing, rehab, new construction, and property management.”
The state defines small buildings as those with five to 49 units.
CPC was founded in 1974, and since then more than 70 percent of its investments have been in small building projects, totaling 3,000 loans to a range of borrowers, including: first-time owners who have unexpectedly inherited a rental property; experienced general contractors or property managers who want to expand service offerings; and local business owners who want to own their storefronts and convert additional space into rental housing units for extra income.
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