Funding unlocks capital for new projects and BIPOC entrepreneurs in New York
To help communities struggling to recover from the pandemic, the Community Preservation Corporation (CPC) has deployed about $937 million in capital for the creation and preservation of multifamily housing in underserved areas.
With the capital, the non-profit finance company is financing housing units that are affordable to households earning at or below 80% area median income (AMI). More than $464 million of the $937 million capital funded affordable and workforce housing projects across New York through CPC’s construction lending platform.
According to CPC, approximately 2,400 units of those housing units – 1,450 in New York City and 650 in neighborhoods throughout upstate New York – are affordable to households earning at or below 80% area median income (AMI). The company claims that more than half of the projects financed through its construction lending were sustainable, energy-efficient construction or retrofits.
Additionally, CPC invested $20 million in a program providing financial resources, capacity building opportunities and technical assistance to Black, Indigenous, and People of Color (BIPOC) entrepreneurs. Meanwhile, $5.7 million went to its NY Forward Program, which funded 123 loans to help small building owners make ends meet through pandemic-related rental income loss.
CPC’s national agency lending subsidiary, CPC Mortgage Company, also originated over $425 million through its portfolio of government-backed mortgages to multifamily building owners in 17 states across the country.
“I am incredibly proud that we were able to leverage our mission-driven work and the capital we provide to create new economic opportunity at a time when communities were struggling to recover from the enormous toll of COVID-19,” said Rafael Cestero, president and CEO of CPC. “Each loan and investment tells a story of the outcomes of the housing that gets built, the small BIPOC developer that’s able to grow their business and the tenants who have safe, affordable housing. They reflect CPC’s deep commitment to our mission and the transformative impact that we’re able to have within communities and on people’s lives.”