Community Preservation Corporation celebrates major milestone

Company boosts efforts to increase affordable housing supply

Community Preservation Corporation celebrates major milestone

The Community Preservation Corporation (CPC) has amped up its efforts to support affordable and workforce housing and community development projects.

The non-profit multifamily finance company claimed it deployed over $1 billion in capital from June 2021 through June 2022 to help boost the country’s affordable housing supply. More than 95% of the total units financed were affordable to households earning at or below 120% area median income (AMI), with more than 80% of the units being affordable at or below 80% AMI.

“This fiscal year was a tremendous success in which CPC continued to grow its impact, deliver volume, and expand important partnerships despite challenges that lingered from the pandemic,” said Rafael Cestero, CEO of The Community Preservation Corporation. “We’re excited about the $1 billion milestone because it represents an expansion of our mission and our ability to invest, share our knowledge and resources, and create an impact in communities where it is needed most.”

CPC’s $1 billion lending and investing include 144 transactions totaling 9,638 units across 18 states. The company said the investment also represented an increase in revenue across its business lines: $412 million in construction lending originations, $560 million in agency mortgage originations, $33 million in permanent lending originations, $25 million in real estate equity investments, and $3.5 million in investments through CPC’s mission-focused Impact Investing platform.

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“Every dollar of that $1 billion represents a commitment to getting out into communities, making new partnerships, and finding new ways that CPC can make a difference,” CPC president Sadie McKeown said. “We’ve grown and diversified the company through our traditional lending and investing, as well as through initiatives like ACCESS, Sustainability, and Connections that focus on equity, knowledge sharing, and philanthropy. My thanks to our team at CPC, to our investors, government partners, and industry peers who are all a part of our success.”