The Community Preservation Corp. (CPC) announced that it has more than $700 million in capital available to lend and invest in affordable and workforce housing in New York and the Northeast.
The nonprofit multifamily finance company intends to work with its current public and private partners and will identify new partnerships where the company can leverage its financial resources and expertise to address the unique housing needs of communities.
“CPC has delivered more than $11 billion to finance housing that has helped transform underserved neighborhoods into thriving and vibrant places to live. Yet, the need for capital to address the complex issues of availability, affordability, and housing quality that are facing our cities and towns is more critical than ever,” says Rafael E. Cestero, president and CEO of CPC. “With this capital, we have the resources to define what CPC can and should be doing to expand our impact in neighborhoods for decades to come.”
The $700 million in capital will be available through the organization’s construction and permanent lending platforms as well its equity investing platform, according to officials.CPC is the largest community development financial institution solely dedicated to financing multifamily housing. The company has long worked in coordination with its government partners, New York State Homes and Community Renewal and the New York City Department of Housing Preservation and Development, to help craft programs and to finance affordable housing projects that have transformed communities from the Bronx to Buffalo.
Over the last four fiscal years, it has executed on a business plan that has seen its lending volume average approximately $611 million per year, with its total assets having increased by 23% to more than $1.2 billion.
The organization employs a self-sustaining business model with revenue generated through its mission-based neighborhood lending and equity investing platforms. Since its founding in 1974, the company has provided roughly $11 billion to finance more than 196,000 units of multifamily workforce and affordable housing in New York and the Northeast.
