Buffalo Rising Online

Nov 14th 2007, 10:02am By Marilyn Rodgers

We recently received the following information as a press release:

The Community Preservation Corporation (CPC) has announced the appointment of James L. Rykowski as Regional Director of CPC’s Western New York office in Buffalo.

Active in his community, Mr. Rykowski served as Director of the Buffalo Neighborhood Revitalization Corporation, the Gateway/Longview Youth and Family Services, the Peter and Tommy Liver Foundation, St. Joseph Hospital Foundation and Assessment Review Board, Town of Orchard Park. He was also a member of the Leadership Buffalo Class of 2001. At CPC, Mr. Rykowski will continue CPC’s mission including financing new and existing multifamily rental housing, and new or redeveloped for sale housing targeted to both low-moderate income and conventional markets. He will also provide a broad range of consulting services to assist municipal and county governments and community organizations with the development of community revitalization strategies.

The rest of the press release went on to describe the CPC as a whole. Although I haven’t had the opportunity to meet with Mr. Rykowski personally, I can state, unequivocally, that the CPC is one essential resource to our city and area that has made tremendous strides in rebuilding our community.

I have had the opportunity to work with Tish Woods (also on the WVRG Board of Advisors) and Fred Heinle. As a matter of fact, Tish and I presented an overview of the Revolver Program that CPC launched earlier this year to a group gathered through the Landmark Society’s panel discussions. This “Revolver Program” can make effective changes for every neighborhood in our city. To quote from an article I wrote in March:

“The term "Revolver" is due to the loan acting like a revolving credit line. Under the "Revolver" the borrower can have multiple projects going simultaneously. Once an individual property is completed and sold, that opens up the "Revolver" to fund the next project. The "Revolver" is meant for the purchase and rehab of that “eye-sore” property that needs a lot of rehabilitation. By offering a product like the "Revolver," small developers or even community groups can begin to turn neighborhoods around, one property at a time.

The CPC requires strict adherence to a number of essential components of the program to assure the developers properly rehabilitate a property, and by doing so they also help to rehabilitate the neighborhood as a result. The CPC exists on the fundamental principle that wise investments into neighborhoods provide great rewards for the community at large. One of the components is that developers front the costs of engineering and contracting studies to identify the issues and costs associated with the proper rehabilitation of each project. Developers must also provide insurance on each structure, as well. The CPC then works very closely with the borrower on each project, becoming more than a lender, but rather a partner in the process.”

In the next few weeks I hope to sit down with Mr. Rykowski to obtain his vision for the WNY Region of the CPC and how he sees the Revolver--for lack of a better term--evolving. Until then, if you have any questions on how the CPC can assist you with either the Revolver Program or other services, just give them a call at 853-0266 or visit them on the web: http://www.communityp.com and click on the link for the Western New York Region.