CDC renovated five early twentieth century buildings on and adjacent to Central Park North under a New York City program that transfers ownership of the buildings from the City to the residents. CDC was chosen for the renovation project by the residents, with the approval of the New York City Department of Housing Preservation and Development. Each building has unique architectural characteristics, which CDC carefully preserved during reconstruction. The program is designed to help the City divest real estate taken through foreclosures, while increasing home ownership among low and moderate income New Yorkers.