Real estate consultant Sally Love helped the principals of the Kay Organization. Love connected the Kay Organization to The Community Preservation Corporation and the Department of Housing Preservation and Development. The firm benefited from the city's Participation Loan Program. CPC contributed $1.305 million and HPD provided $630,000 of capital money to make available a below market-interest rate loan. HPD also provided nearly $2.2 million of federal HOME funds.
Kay installed new electric and plumbing, renovated the 20 vacant apartments, replaced the roof, and completely rebuilt the elevators. Langsam Property Services Corp. manages the property.
Michael D. Lappin, president and CEO of the CPC, says that restoring the families' homes will "bring stability back to this block." Jerlyn Perine, commissioner of the HPD, added "this project demonstrates once again the value of public/private relationships that have been key to the preservation of Harlem's valuable housing stock."
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