The CSP Roundtable

Organization Name: Community Stabilization Partners (CSP)

Project Title: The CSP Roundtable

Project Location: Citywide

Project Description:
In February 2024, CSP took over servicing and asset management for a portion of the rent stabilized multifamily commercial real estate loan portfolio formerly held by Signature Bank. The CSP portfolio contains commercial loans secured by approximately 1,100 multifamily buildings encompassing 35,000 units across New York City, the majority of which are rent stabilized. NYC’s rent regulated properties are a critical piece of the City’s affordable housing stock, and how CSP manages the debt secured by these properties has the potential to impact tenants, buildings, and communities. As a part of CSP’s bid to manage and service a portion of Signature Bank’s portfolio, it proposed a Roundtable to promote information exchange with a range of community and government organizations, building on lines of communication established by the FDIC after Signature Bank’s collapse. Since expanded to include key government agencies, tenant advocates, and building owner representatives, the Roundtable has been an invaluable forum to gather information on community priorities and share high-level information about CSP’s portfolio management, supporting CSP’s goal to preserve affordable housing while maximizing recoveries.

Community Impact:
The collapse of Signature Bank sent shock waves throughout the affordable housing industry. Owners, tenants, and housing advocates alike expressed great concern over the fate of the bank’s assets, many of which were secured by affordable multifamily housing across NYC. CSP is working to manage its loan portfolio in a way that prioritizes the physical and financial health of this housing stock to both maximize financial recoveries and preserve affordable housing. The CSP Roundtable has brought together some of the advocates and government leaders closest to this portfolio to ensure effective communication about and support around critical issues. The Roundtable’s impacts flow in two directions – CSP shares information on broad strategy and high level portfolio management, and Roundtable participants raise issues or concerns from their various constituencies. No one knows these buildings better than their owners and the tenants, and the CSP Roundtable has established a collaborative forum that brings together representatives of both groups alongside government agencies. CSP believes that this community involvement will result in better outcomes for all stakeholders.

Organization Description:
Community Stabilization Partners (CSP), is a partnership between the Community Preservation Corporation and Related Fund Management. Neighborhood Restore HDFC is a strategic consultant providing portfolio management services to CSP. CSP is focused on preserving the long-term affordability as well as the physical quality and financial stability of the portion of the rent stabilized multifamily commercial real estate portfolio formerly held by Signature bank.

Team Members:

Community Preservation Corporation, Related Fund Management, Neighborhood Restore HDFC, NYS DHCR, NYC Mayor's Office, NYC Comptroller's Office, NYC HPD, NYC HDC, ANHD, UNHP, NY Apartment Association