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$100,000 Loan Backs Rehab of Abandoned Home by YouthBuild Students:
City of Poughkeepsie, New York: Community Capital New York, Inc., the non-profit community lender serving the lower Hudson Valley, celebrated the transformation of a blighted property into a newly renovated, energy efficient house at 206 Winnikee Avenue on Monday along with U.S. Senator Kirsten Gillibrand, U.S. Congressman Sean Patrick Maloney, New York State Senator Terry Gipson, Dutchess County Executive Marcus Molinaro, Poughkeepsie Mayor Johan Tkazyik and Nubian Directions II Executive Director Robert Wright.
The house was rebuilt by students in the Poughkeepsie YouthBuild Program, sponsored by Nubian Directions II, Inc. Working alongside seasoned professionals, YouthBuild trainees converted a dilapidated, abandoned property into a beautiful, affordable home with two apartments for families earning up to 60% of Area Median Income. In total, reconstruction of the house provided 67 students with green-building and job training skills.
“Community Capital New York’s loan provided critical funding for the project, without which construction could not be completed,“ noted Community Capital New York’s Executive Director Kim Jacobs. “Our 25-year commitment to community building in distressed areas of the lower Hudson Valley remains strong. Investing in our youth through education and job training is important to the mission of our organization. As such, we are also very pleased to have had the opportunity to support Nubian Directions II’s YouthBuild program, helping students get 21st century jobs that strengthen our communities and rebuild our economy.”
Community Capital New York has invested more than $362.9 million in Hudson Valley communities, funding more than 2,300 affordable homes, creating or retaining an average of five jobs per loan, leading to the creation or retention of more than 3000 jobs and generating $10 million in tax revenues for the region on an annual basis.
Creating opportunity is the mission of Community Capital New York, which serves as an economic catalyst working to strengthen the prosperity of our communities and the lives of the people who live in them. By leveraging education, human and civic resources and through flexible, innovative and responsible financing, we enable traditionally underserved people to become stakeholders in a more inclusive economy.
Community Capital New York, a nonprofit community lender, is one of nearly 850 CDFIs certified by the Community Development Financial Institutions Fund of the U.S. Dept. of the Treasury, and one of the largest serving eight counties in the Hudson Valley, the Bronx and Fairfield County, CT. We provide loans that create quality jobs, revitalized Main Streets, good homes and tax revenues, creating vibrant communities and economies in New York and Connecticut.
Community Capital New York is also actively working to be an on ramp into the mainstream economy for women, minorities, immigrants, veterans and survivors of domestic violence, creating opportunities for financial self-sufficiency and stability they may not otherwise have. Community Capital will offer financial management workshops on topics including a new initiative that provides renters with the ability to build credit through monthly rental payments just as home owners do. Community Capital’s past workshops on rent reporting have proven so successful, Community Capital was named a “hub advocate” by the Credit Builders Alliance.