Organization Name: KCLB Maeda Legacy Cities 1 LLC
Project Title: New York State Legacy City Access Program- Kingston
Project Location: Kingston, NY
The Kingston City Land Bank (KCLB) was awarded funding through the Legacy City Access Program for the gut rehabilitation of four, formerly vacant properties in Kingston, NY, the first project funded through the $25 million Legacy City Access program. The program is designed to transform blighted structures into renovated, move-in ready homes that will help expand affordable homeownership opportunities for low- and moderate-income residents, specifically first-time buyers and households of color. Maeda Construction, a M/WBE firm, is partnering with the KCLB to rehabilitate the properties, including sustainability upgrades that will provide the future homeowners with efficient systems and limit the properties’ greenhouse gas emissions. The renovation scope of work includes upgrades to structural, plumbing, and electrical systems, as well as new kitchens, baths, roofs, flooring, windows, doors and asbestos abatement. The KCLB purchased the four homes in this project from the City of Kingston for the full price of back taxes, and the first three will soon be sold to first-time homeowners. Thanks to the program, the homes have transformed from vacant to vibrant and will strengthen the neighborhood.
This project and the broader, $25 million Legacy City Access program have a multi-layered, positive community impact: addressing blight, supporting BIPOC business owners, and creating quality, affordable, and sustainable homeownership opportunities for first-time homeowners and particularly households of color. Affordable homeownership is a key piece of the puzzle to closing the wealth gap in our communities. An affordable home helps build equity over generations and provides long-term security and stability to hardworking families who are ready to put down roots in their neighborhoods. As the demand for both affordable rental housing and homeownership in New York continues to grow, projects like this one serve the unique affordable housing and revitalization needs of underserved communities. This project will revitalize vacant, blighted properties and create quality, affordable housing opportunities for four households in Kingston, NY. Sales are prioritizing purchasers of color and low-income households, fostering generational wealth building through homeownership.
CPC is a nonprofit multifamily finance company that uses its unique expertise in housing finance and public policy to expand access to affordable and workforce housing, advance diversity in the development industry, and address climate change. Since 1974, CPC has invested over $14 billion to finance more than 225,000 units of housing. The company provides a suite of construction and permanent products including Freddie Mac, Fannie Mae and FHA mortgages, and is an equity investor with approximately 4,000 affordable units under ownership.
CPC, New York State Homes and Community Renewal, State of New York Mortgage Agency, Kingston City Land Bank, Maeda Construction, PathStone Community Improvement of Newburgh