Uncommon expertise, unmatched impact.

Our Mission

At CPC, we believe that housing is central to transforming underserved neighborhoods into thriving and vibrant communities. That’s what we’re about: providing innovative capital solutions, fresh thinking, and a collaborative approach to the often complex challenges that owners and developers of multifamily housing face.

Our Approach

As a leading nonprofit affordable housing and community revitalization finance company, we utilize our deep, strategic relationships with government agencies, local community groups, banks, and other lenders to create customized loan opportunities for our customers. As a trusted partner in your success, we work hand-in-hand with you to help maximize the potential of your multifamily project and its impact on the community.

Our Story

The Community Preservation Corporation (CPC) was launched in 1974 through a joint agreement between the City of New York and its leading commercial banks to restore and rebuild New York’s aging neighborhoods. In the more than 40 years since we have evolved and expanded our reach to become a consistent source of capital to underserved housing markets throughout New York City and in communities across the state.

CPC has financed more than 170,660 affordable housing units to date. With $9.7 billion in public and private investments, our work has helped revitalize countless neighborhoods and provided quality housing for low-income families, senior citizens, and individuals with disabilities.

Our Values

At CPC, our values define who we are as an organization and guide the way we work with our partners, within our communities, and with each other.

  • We have a deep commitment to our mission. We work hard to create the best outcomes for our customers and communities, and we have fun doing it.
  • We respect, trust and empathize with others. We are supportive and responsive and value different perspectives. While we are diverse in backgrounds and skills, we are united by our values and our passion for bringing capital to underserved communities.
  • We strive for excellence in everything we do and aim to add measurable value to neighborhoods, customers, and the industry. We go the extra mile to find the right solution and deliver on our commitments.
  • We believe in accountability and operate with the highest standards of integrity and transparency. We communicate openly and honestly with our partners and each other.
  • We embrace collaboration. The connections we foster with our colleagues, customers, government partners, and other like-minded organizations are crucial to improving housing quality and making a positive impact on the physical, social, and economic infrastructure of communities.

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As a leading nonprofit mortgage lender, the deep, strategic partnerships we’ve developed over the years have been critical to our thoughtful approach to preserving and nurturing affordable housing. Through competency, creativity and collaboration, we have developed an exceptional track record of helping to transform neighborhoods marked by failing or vacant buildings into thriving communities to live, work, and raise families. We couldn’t accomplish this without the dozens of public and private sector partners who share our commitment to protecting the quality and stability of housing across New York.

  • Citi
  • Wells Fargo
  • Bank of America
  • Deutsche Bank
  • Morgan Stanley
  • M&T Bank
  • Orange Bank & Trust Company
  • Citizens Bank
  • NYC Housing Development Corporation
  • Flushing Bank
  • Sterling National Bank
  • Valley National Bank
  • First Niagara
  • Capital Bank
New York City Department of Housing Preservation and Development (HPD)

Established in 1978, the New York City Department of Housing Preservation and Development (HPD) is the largest municipal housing preservation and development agency in the nation. The agency’s mission is to make strategic investments that will improve and strengthen neighborhoods while preserving the stability and affordability of the City’s existing housing stock. CPC’s partnership with HPD spans decades and has resulted in the financing of tens of thousands of affordable apartments and homes across the five boroughs. Additionally, CPC has worked with HPD to administer some of its housing programs and initiatives. Together, CPC and HPD have helped to revitalize and strengthen New York City’s underserved neighborhoods.

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Freddie Mac

Freddie Mac was chartered by Congress in 1970 with a public mission to stabilize the nation’s residential mortgage markets and expand opportunities for homeownership and affordable rental housing. Freddie Mac Multifamily provides a full range of competitively priced, reliable loan products for the acquisition, refinance, or moderate rehabilitation of multifamily communities. Whether providing conventional financing or financing to address the needs of small buildings through the Small Balance Loan program, the partnership between CPC and Freddie Mac offers borrowers reliable loan products tailored to multifamily developments of all sizes.

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New York City Retirement Systems (NYCRS)

The New York City Retirement Systems (NYCRS) is the largest municipal public employee retirement system in the United States with over 300,000 active members and retirees including civilian and uniformed employees. For decades, CPC has originated loans for NYCRS, resulting in more than $700 million in permanent financing for over 27,000 units in their fixed-rate mortgage program.

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New York State Common Retirement Fund (CRF)

The New York State Comptroller is the sole trustee of the multibillion dollar New York State Common Retirement Fund (CRF), one of the largest institutional investors in the world. For decades, CPC has partnered with the Comptroller and the New York State CRF to invest in affordable housing and community revitalization projects, with millions of dollars in funding from the CRF helping to finance roughly 18,000 new and preserved units across New York State.

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New York State Homes and Community Renewal (HCR)

New York State Homes and Community Renewal (HCR) consists of all the State’s major housing and community renewal agencies, including The Affordable Housing Corporation, The Division of Housing and Community Renewal, Housing Finance Agency, State of New York Mortgage Agency, Housing Trust Fund Corporation and others. HCR organizes programs into four groups – Finance and Development, Housing Preservation, Community Renewal, and Professional Services. CPC’s long-term partnership with HCR and the agencies it oversees has leveraged millions of dollars to help create and preserve tens of thousands of units of affordable housing that have been critical to the revitalization of underserved communities throughout the state.

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Positive Social Purpose (PSP) Lending Program

The Positive Social Purpose (PSP) Lending Program is administered by Westpath, the investment division of the General Board of Pension and Health Benefits of The United Methodist Church. CPC began working with the PSP Lending Program in 1998, and since that time our partnership has leveraged millions of dollars to help finance the creation and preservation of thousands of affordable units throughout New York State. The PSP Lending Program demonstrates that investors can do well by using their money to improve the lives of others, one loan at a time. By targeting underserved markets, together we are able to provide market returns commensurate with risk, while providing high-impact social benefit that can literally be life-changing.

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State of New York Mortgage Agency (SONYMA)

The State of New York Mortgage Agency (SONYMA) is a division of New York State Homes and Community Renewal (HCR), the government agency that oversees of all of New York State’s major housing and community renewal agencies. SONYMA insurance is a unique tool that allows private capital to efficiently finance affordable housing. CPC’s longstanding partnership with SONYMA has sustained a secondary market for its 30-year mortgages. Key to our partnership’s success is the flexibility of the SONYMA insurance product, which has allowed us to work together to meet the housing and revitalization needs in communities across New York City and State.

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President’s Message

For more than forty years CPC has been providing innovative and flexible lending solutions to help meet the demand for stable, quality housing in cities and neighborhoods across New York State. Since our inception in 1974, we have leveraged more than $9.7 billion to fund the creation or preservation of approximately 170,660 residential units.

We believe that housing is central to transforming underserved neighborhoods into thriving, vibrant communities. We believe this because we have seen it happen in countless communities across the state.

As a nonprofit affordable housing and community revitalization company, CPC holds a unique position within the industry. Throughout our history, during times of economic crisis and disinvestment when the risk involved in lending kept many out of struggling and underserved neighborhoods, CPC was there as a consistent and stable source of capital. Our presence has been a catalyst for bringing new partners and sources of public and private funding together to help rebuild, strengthen, and stabilize neighborhoods from the Bronx and Harlem to New Rochelle, Downtown Syracuse and Buffalo, and countless others across the State.

It was this commitment to aiding underserved communities, our loyalty to borrowers, integrity and accountability, and attention to detail that built the foundation of our more than four decades of work, drove our turnaround, and is the foundation of the CPC brand.

Over the past few years CPC has transformed from a company in the midst of a turnaround to a fully capitalized, financially strong, mission-driven organization. We have accomplished this by paying homage to our past and recommitting to our core values while strategically pursuing opportunities to expand our tool box with new products and investment opportunities.

We are investing in the places and projects where we can be the most effective in revitalizing underserved neighborhoods, and we have returned to our central business of addressing the acute gap in the market for lending products tailored to the needs of small multifamily building owners. Once again, the diversity of our portfolio of loans is representative of the diversity of the neighborhoods we serve.

Whether the project is downtown revitalization, adaptive reuse, supportive housing, the acquisition and rehabilitation of distressed property, or the preservation of affordable housing; our years of experience and deep relationships with key government and private sector partners gives CPC the ability to maximize the potential of our customers’ multifamily projects and their impact on communities.

For many of our long-time customers, CPC was the lender of choice for their first project or their most challenging deal. It is our culture of trust and respect and our dedication to advancing the vision of our partners that allows us to grow and succeed together. With a renewed focus and a great team in place, I am confident that CPC will continue to bring value to our partners and to be a positive force in communities across New York State and the region for years to come.


Executive Team

At CPC, the expertise of our team makes the difference, time and time again.

Rafael E. Cestero

President & Chief Executive Officer

Sadie McKeown

Executive Vice President, Chief Operating Officer

Richard A. Kumro

Executive Vice President, General Counsel & Secretary

David Rothberg

Executive Vice President, Chief Financial Officer

Carolyn Au

Senior Vice President, Director of Portfolio Services

Wanda Chin

Senior Vice President, Chief Credit Officer

Richard Conley

Senior Vice President, Originations Director

Michael DeWitt

Senior Vice President, Regional Director, Western New York

Jeff Ely

Senior Vice President, Administration

Thomas McGrath

Senior Vice President, Director of Upstate Revitalization

Doug Olcott

Senior Vice President, Regional Director, Hudson Valley

Nicholas V. Petragnani, Jr.

Senior Vice President, Regional Director, Central New York

Elizabeth Propp

Senior Vice President, Investments & Acquisitions

Robert Riggs

Senior Vice President, Regional Director, New York City & Long Island

Michael Skrebutenas

Senior Vice President, Regional Director, The Capital Region

Arthur Phidd

Vice President, Chief Information Officer

Jaime Sharrock

Vice President, Strategic Initiatives & External Affairs

Board of Directors

Eduardo Diaz-Perez

Managing Director and Global Head of Real Estate and Asset Finance
Credit Suisse

Bruce A. Beal, Jr.*

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Gary Rodney


Rafael E. Cestero

President & Chief Executive Officer
The Community Preservation Corporation

Todd A. Gomez

Senior Vice President
Bank of America

Ingrid Gould Ellen

Faculty Director
NYU Furman Center for Real Estate and Urban Policy

Carol M. Joseph

Real Estate/Legal Consultant

D. Kenneth Patton*

Dean of Real Estate (ret.)
New York University
Real Estate Institute

Gregory R. Reimers

REB, Market Manager
JP Morgan Chase Bank

Richard Roberts

Managing Director, Acquisitions
Red Stone Equity Partners, LLC

Anders M. Tomson

Capital Bank

Alan Wiener*

Managing Director
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*CPC Resources Board Members

Make a career out of making a difference.

Make a career out of making a difference.

Careers at CPC

The Analyst will work closely with the Manager of Freddie Mac servicing to evaluate and analyze loan-level data, for portfolio, SBL, TAH and CME Freddie Mac loans, as well as FHA, Fannie Mae and Ginnie Mae loans. The Analyst will also assist in day to day management of the portfolios, and reporting, as directed.

For more information, apply here:


Under moderate supervision, the Underwriter will work closely with the Manager of Freddie Mac Conventional and Targeted Affordable Underwriting to perform evaluation of proposed loans for credit risk; obtain deal approvals from CPC credit committee, Freddie Mac; and obtain commitments from Freddie Mac.

For more information, apply here:


Under moderate supervision, the Underwriter will work closely with the Freddie Mac and FHA Underwriter Manager underwriting new loan originations. Additional responsibilities include performing evaluation of proposed loans for credit risk; obtain deal approvals from CPC credit committee, Freddie Mac and FHA; and obtain commitments from Freddie Mac and FHA.

For more information, apply here:


The Administrative Assistant will provide administrative support to the department. The position will also work with Mortgage Officers, Analysts and/or Freddie Mac and Originations team on preliminary setup of loan applications and loan packages for submission to Freddie Mac.

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The Assistant Mortgage Analyst / Processor will evaluate the viability of new FHA MAP loans and process the loan application in accordance with both CPC and FHA guidelines. This person will follow-up with CPC external partners, FHA, Mortgage Officers, Analysts and others on the Agency lending team and all other associated parties, to gather paperwork necessary for the evaluation and onboarding of new loans. The Processor will also input loan information into FHA and CPC templates and systems and finalize the complete loan package for submission to FHA.

For more information, apply here:


CPC has offices throughout NY State, and opportunities may become available for Mortgage Officers, Assistant Mortgage Officers, as well as support & clerical staff. If you have any questions, please contact Brenda Barnaby, Human Resources at 646-822-9327.

The Community Preservation Corporation is an Equal Opportunity Employer and all employment-related decisions including recruitment, selection, evaluation, promotion, compensation, training and termination are made without regard to race, creed, color, national origin, sex, disability, marital status, status as a veteran, sexual orientation or gender identity, or any other protected status.