Affordable Housing Loans

Wespath Benefits and Investments and its subsidiaries, including Wespath Institutional Investments, participate in the Positive Social Purpose Lending Program. The information below provides details about a property recently financed through this program.

 

The Huntley Building – Syracuse, NY

Huntley Building exterior
Photo Credit: Margaret Carrillo-Sheridan

Through the Positive Social Purpose Lending Program and in partnership with the Community Preservation Corporation (CPC), participation was purchased in a State of New York Mortgage Agency insured loan providing financing for the rehabilitation of a historic building in Syracuse, NY that now includes 42 rental units. The scope of work included the installation of hardwood floors in the main living areas and bedrooms, updates to kitchens and baths, rehabilitation of all windows, and upgrades to utilities, including the installation of a fire protection sprinkler system. The project contains 26 one-bedroom units, 8 two-bedroom units, 4 three-bedroom units, and 4 studios available to households earning between 31% and 80% of the area median income.

Transaction Summary:
 

Property Name: The Huntley Building
Location: Syracuse, NY
Units: 42
Loan Amount: $1.5 million
Term: 30 years
Purchase Date: April 27, 2017

 

For more information about CPC: http://communityp.com/

 

Visit our website for Participants, Conferences and Other Plan Sponsors: wespath.org

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