New York State Community Facilities Project Guarantee Fund Correspondence

Chronological.

The Community Facilities Project Guarantee Fund (CFPGF) is a public benefit corporation that was created in 1969 to encourage the construction of facilities for the care of children and senior citizens. The CFPGF guarantees loans made by the New York State Housing Finance Agency and other lending institutions for the purpose of building or rehabilitating day care centers, residential child care centers, and community senior citizen facilities in neighborhoods where they are most needed. The CFPGF is overseen by a board that consists of the Commissioner of Social Services (who also serves as the Chairman), Superintendent of Banks, and Director of the Budget. Administrative functions such as budgeting and personnel are handled by the Department of Social Services. Between 1969 and 1976 the CFPGF guaranteed approximately forty projects. In 1976, the legislature capped the program at the amount of existing mortgages. Chapter 222 of the Laws of 2007 repealed the corporate existence of the Fund.

This series consists of incoming and outgoing correspondence of the coordinator of the Community Facilities Project Guarantee Fund (CFPGF). The correspondence is largely concerned with the status of the projects guaranteed by the CFPGF -- their progress, financial stability, and strategies for preventing defaults.

18959-02: This accretion contains the Executive Deputy Commissioner's and Fund Coordinator's incoming and outgoing correspondence. Some of the issues documented include whether or not a project is proceeding appropriately, the inability of facility owners to meet their mortgage obligations, and strategies for preventing defaults.

Folder lists (volume list for 18959-07A) for all accretions, with the exception of 18959-07, are available at the repository.

There are no restrictions regarding access to or use of this material.