Capital One Bank Invests in Housing for New
York City’s Homeless
Bank to Provide $14.5 Million Loan and Investment Package to Help Fund New Housing Development in
the Bronx for Area Homeless Individuals
September 08, 2010 08:03 AM Eastern Daylight Time
NEW YORK--(EON: Enhanced Online News)--Capital One Bank today announced it has committed to provide a
$14.5 million loan and investment package to help fund the building of Courtlandt Community, a new residential
development in the Bronx that will provide permanent housing and on-site social services for formerly homeless
individuals living in New York City. The 77-unit property, located in the borough’s Melrose neighborhood, will
expand the portfolio of community housing options that Capital One Bank has funded in the New York metropolitan
area.
Funding for the development includes a $6.29 million construction loan made to an affiliate of Phipps Houses, New
York City's oldest and largest not-for-profit developer of affordable housing. Capital One Bank has also committed
to invest an additional $8.23 million through the purchase of 9 percent Low Income Housing Tax Credits to fund a
portion of the Courtlandt Community construction. Additional financing will be provided through the New York City
Department of Housing Preservation and Development’s (HPD) Supportive Housing Loan Program.
“Capital One Bank is proud to partner with Phipps Houses to support the development of Courtlandt Community to
help address the unique needs of our city’s homeless population,” said John Habermann, Bronx Market President
for Capital One Bank. “By providing housing and specialized services for some of our city’s most vulnerable citizens,
this effort will not only help to transform individual lives but also contribute to the overall growth and prosperity of the
community. Whether it’s inside our local branches or out in the community, Capital One Bank is committed to
working with our partners to invest in New York City to help it grow and thrive.”
The twe